Govt. flouts new deadline ahead of CFATF review

Feb 15, 2014 News

…say amendments must be passed by month end

Following the non-review by the Financial Action Taskforce (FATF) this past week, which had been predicted by Government, they have now announced another deadline prior to the May, 2014 review by the Caribbean Financial Action Taskforce (CFATF).
According to a public statement issued by Government yesterday, Guyana has to file a report by February 28, to the CFATF for its review and report to Plenary members in May 2014.
At the end of the last sitting of the National Assembly, Prime Minister, Samuel Hinds, had asked that the date for the next sitting be February 27.
Government yesterday said that the report to be submitted to CFATF on February 28 “will include Guyana’s plan of action to correct its deficiencies as part of the ongoing process.”
The statement said, too, that Guyana is expected to attach to that report the conclusions on the AML/CFT Amendment Bill which is before the Parliamentary Special Select Committee and a copy of the said enacted Bill to be analysed, correlated to the deficiencies to provide the report to Plenary in May, 2014.
“Between February and May it is expected that there will be dialogue and discussions with CFATF with regards to the preparation of the report for CFATF Plenary… If the May Plenary is dissatisfied with Guyana’s progress, the 2013 November Statement already provides the decision for the country’s referral to FATF which is meeting in June 2014.”
That May 2013 CFATF statement, recommended that Guyana take steps to ensure that it addressed its deficiencies.
It noted that while “Guyana has made efforts to address its deficiencies; however, it has not taken sufficient steps towards improving its AML/CFT compliance regime. (It failed) to approve and implement required legislative reforms.”
It warned at the time that “Guyana must therefore pass the relevant legislation and implement all the outstanding issues within its Action Plan including: fully criminalising money laundering and terrorist financing offences; addressing all the requirements on beneficial ownership; strengthening the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets and fully implement the UN conventions.
Subsequent to that public statement Guyana missed a number of deadlines set by CFATF to become compliant. It was then provided with extensions.
It will meet again in May, to decide on Guyana’s fate, having already called on its members to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.
The Guyana Government in its statement yesterday, said that it wishes to go on record to thank Guyanese citizens, civil society bodies with particular reference to the business community and their organizations, the labour movement, the diplomatic community, the Organization of American States and the CARICOM, all who publicly lent support to the Government of Guyana’s efforts in what were and continue to be “unique and unprecedented circumstances.”
It said, too, that “Government says once again on the APNU and AFC leaders that the AML/CFT Amendment Bill 22, 2013 must be passed in the National Assembly as urgently as possible before the end of February 2014.”

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Govt. flouts new deadline ahead of CFATF review

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