US Money Laundering Report lists Guyana as a country of ‘concern’

Mar 06, 2014 News

…Chief Parliamentary Counsel still to complete APNU amendments

Guyana has been listed in the United States 2014 International Narcotics Control Strategy Report on Money Laundering and Financial Crimes as a country/jurisdiction of ‘concern.’

Attorney General, Anil Nandlall

The report released on Monday last, does however, include Guyana’s compliance with criminalizing drug money laundering, criminalizing money laundering above drugs, and reporting suspicious transactions among other requirements.
It does note that Guyana has failed to criminalize ‘tipping off’ or putting in place arrangement for asset sharing.
The report said that the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act, the Interception of Communications Act, and the Criminal Law Procedure Act (revised in 1998) were all designed to enhance the investigative capabilities of law enforcement and prosecutors in obtaining convictions of drug traffickers in Guyana but to date, the Government has sought no prosecutions under these laws.
The report documented that the Caribbean Financial Action Task Force (CFATF) has informed Guyana that failure to demonstrate effective implementation of anti-money laundering mechanisms could lead to an international designation of Guyana as a country with significant financial sector risks.
According to the US State Department Report, “Such a designation would increase the costs of Guyana’s international financial transactions and also impact insurance rates.”
It noted that the Guyanese authorities have pledged to increase efforts to comply with international anti-money laundering standards and have presented amendments in Parliament to improve existing legislation.
The United States supports the Government of Guyana’s efforts in this area and has offered technical assistance.
Guyana’s efforts at the level of Special Select Committee in terms of passage of the AML/CFT await completion of draft amendments proposed by A Partnership for National Unity, by the Chief Parliamentary Counsel (CPC).
Finance Minister Dr, Ashni Singh recently informed media operatives that the CPC was struggling to complete the amendments.
When the Select Committee met yesterday, the CPC did not turn up to present an update on the progress being made.
According to A Partnership for National Unity’s (APNU) Member of Parliament, Joseph Harmon, Attorney General Anil Nandlall reported to the Committee that the CPC was experiencing problems preparing the amendments and that it should be completed by Monday. Harmon told this publication that Chairperson of the Committee, Gail Teixeira at yesterday’s meeting instead wanted to deal with among other matters, the confirmation of minutes of the previous meeting.

Chairperson of the Select Committee,
Gail Teixeira

The APNU Executive said that what the coalition is interested in at this point in time is the amendments, “so it is Teixeira and them that are holding the Bill hostage.”
Teixeira on Tuesday last, accused the political Opposition of holding the Bill hostage in the Parliamentary Select Committee.
During a press engagement at the NCN Studio, Teixeira told media operatives that there has been no indication that the Opposition will climb from their maximum list of demands and that the Bill “remains hostage in the Select Committee.”
APNU’s demands include the Presidential assent of the Bill passed by the House that was piloted by the political Opposition, and the signing of the commencement order for the Local Government Commission.
Guyana’s recent report to CFATF had to include the fact that it failed to pass the Bill by the deadline for reporting.
CFATF had indicated that should this obtain it would certainly have to report Guyana to the Financial Action Taskforce (FATF) for their review.