Latest update March 28th, 2025 6:05 AM
Latest News
- “It will be a very bad day for Venezuelan if they attack Guyana or ExxonMobil”—Rubio declares
- Guyana gets info on U.S. tax evasion allegations against Mohameds, Mae Thomas
- US$35 injected into banking system to address foreign currency shortage—VP Jagdeo
- Citizens to stage protest today against lack of access to information in Guyana
- Guyana vows to stand with U.S.
AML Bill being “held hostage” in select committee – Gail Teixeira
The government and the political opposition remain gridlocked over the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill, with neither prepared to budge from their respective position.
The Alliance For Change (AFC) and A Partnership for National Unity (APNU) have made a joint list of demands, but the government has deemed their proposals to be unreasonable and unconstitutional and as such insists –”No Deal.”
Gail Teixeira
During a press conference held yesterday at the National Communications Network (NCN) studios on Homestretch Avenue, Chairperson of the Parliamentary Select Committee, Gail Teixeira said that since the sitting on February 26, there has been no indication that the opposition will climb from their maximum list of demands.
Meanwhile, the Bill she articulated “remains hostage in the Select Committee.”
“APNU had rejected President Donald Ramotar’s offer to allow the Bill to go forward and he would have agreed to examine the non-assented Bills and a public announcement of that would have been made by Prime Minister Samuel Hinds. To that effect, the meeting on February 26 did not amount to anything.”
Also part of the panel were Minister of Finance, Dr. Ashni Singh, Attorney General and Minister of Legal Affairs, Anil Nandlall, and Junior Minister of Finance, Bishop Juan Edghill.
Dr. Singh then elaborated on the comments made by his counterpart by recapping what he termed “cardinal truths” that arose from ongoing discussions on the Bill.
During his presentation to members of the media, Dr. Singh said that the legislative draftsmen are still struggling to put APNU’s amendments together.
He added that the Bill as it is at this point is compliant with the recommendations made by the Caribbean Financial Action Task Force (CFATF), and stressed that “there is no good reason why one should not move forward with the Bill”.
As it relates to the amendments being put forward by APNU, the Finance Minister stressed that after asking for them for a year, they were finally tabled on the night of February 9, “…and in a disjointed manner at that”.
The Finance Minister reminded members in attendance that on that very night the committee was forced to adjourn so that the amendments could be consolidated into a single, workable manner.
“I think the legislative draftsmen are still struggling to translate it into something meaningful. The amendments are the subject of controversy and we have strong reasons why we have reservations about them.”
He then mentioned that the Caribbean Financial Action Task Force (CFATF)’s Financial Advisor, Roger Hernandez, had even stated that APNU’s amendments can render certain areas of the Bill which were already complaint, non-compliant.
Dr. Singh said that even if one were to agree to the reformation at this point with APNU’s amendments, it will take time and require compromise and significant departure from what was intentionally set out by the political opposition coalition.
He stressed that the amendments require much study, consultation and reformation to make it workable.
“Were they to pass the Bill they can come back, next week and even the week after that and pass it. They have the majority and they can take it to the House. They don’t need the support of government anyhow.”
The Member of Parliament informed that he has been receiving accounts every day of instances where business transactions are rendered more complicated, as the Bill remains in a “hostage situation.”
He said that he had received information yesterday that one person was told that their account would be closed if he continues to do transactions with Guyana. He explained too, that there was also another instance where an overseas bank did not want to transfer money to Guyana, although it was a new account. It demanded additional information.
Supporting his points was the Junior Finance Minister. Edghill said that the current situation will also prevent the country from accessing developmental funds and so Guyana’s economy would be on its knees if the opposition were to continue down this path.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The PPP has started the intimidation
Peeping Tom… Kaieteur News- In politics, as in life, what goes around comes around. The People’s Progressive Party/Civic... more
The Caribbean: Destined to Grin and Bear the Consequences of Its Self-Created Vulnerabilities?
By Sir Ronald Sanders For decades, many Caribbean nations have grappled with dependence on a small number of powerful countries... more
Weekend Cartoon
