Ant-Money Laundering Bill...Financial sector feeling the squeeze of Guyana’s blacklisted status

Ant-Money Laundering Bill…Financial sector feeling the squeeze of Guyana’s blacklisted status

Jan 09, 2014 News

The New Year is here and Guyana’s financial sector is facing the realities of Guyana being blacklisted by the Caribbean Financial Action Task Force (CFATF) in November 2012.
According to Cabinet Secretary, Dr. Roger Luncheon, during his post-Cabinet press briefing at the Office of the President yesterday, the banking system, money transfer services and insurance companies have been affected by Guyana’s blacklisted status.
Because Guyana did not amend its Anti-Money Laundering and Countering the Financing of Terrorism legislation by the November 2012 deadline set by CFATF, it was blacklisted. The Bill is back in the Parliamentary Special Select Committee.
According to Dr. Luncheon, in Government’s most recent meeting at the Office of the President with the leadership of the Bankers’ Association in Guyana, specific incidents of the problems they have and are encountering owing to the blacklisting, were brought to the fore.
They specifically emphasized dealing with the transfer of money and their engagements with corresponding banks in foreign jurisdictions, he added.
“The difficulties range from enormous increases in procedural aspects to the more difficult situation of the abandonment…of the agreements and working relationships between these working banks,” Dr. Luncheon said.
“And then the insurance companies, money transfer companies… they have all been identified as institutions/ sectors in which the impact of the blacklisting reared its ugly head and to be honest, there is a strong suspicion that the situation would more than likely deteriorate,” he said.
Dr. Luncheon believes that “a definitive resolution and enactment of the awesome piece of legislation need to be embraced.” Explaining the use of the word “awesome,” he said every conceivable actor in Guyana has voiced its support for the Bill safe and except the Opposition.
According to Dr. Luncheon, there hasn’t been on record a single stakeholder, both domestic and international that has opposed the Anti-Money laundering and Countering the Financing of Terrorism Amendment Bill.
“It enjoys total support of all stakeholders safe and except the Opposition. They stand isolated and solitary in whichever corner of the universe that they occupy on this matter,” he said.

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Ant-Money Laundering Bill…Financial sector feeling the squeeze of Guyana’s blacklisted status

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