Anti-money laundering legislations…CFATF officials visit to break deadlock

Apr 26, 2014 News

The region is deeply worried over the failure of Guyana to pass critical anti-money laundering legislations with two top officials expected in the country today with the hopes of breaking a Parliamentary deadlock.

Chairperson of CFATF, Allyson Maynard-Gibson

“The team will meet with both Government and Opposition members as a result of their concern over Guyana’s situation on anti-money laundering and its outcomes, and to re-emphasise the importance of a Caribbean Financial Action Task Force (CFATF) compliant Bill,” a statement from the Government said yesterday.
“Concerns are that the Bill may not be passed by the time of the CFATF plenary, and it is hoped that the imminent meetings with the CFATF members would provide the message to the opposition about the importance of having the bill passed, and about the repercussions of the failure to do so.”
Expected today will be Chairperson of the Caribbean Financial Action Task Force (CFATF) and Attorney General of the Bahamas, Allyson Maynard-Gibson. She will be accompanied by Executive Director of CFATF, Calvin Wilson.
The non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Bill has heavily divided the National Assembly with the Opposition refusing to lend its support unless the Public Procurement Commission is established and President Donald Ramotar sign a number of critical bills.
A Partnership for National Unity had said that its support is conditional on the President addressing outstanding issues such as the non-assent to Bills passed by the Opposition and the commencement order for the holding of Local Government Elections, among others, while the Alliance for Change (AFC) has called for the establishment of the Public Procurement Commission (PPC) and more recently, said that it would also support APNU’s demands.
The Opposition had sent the bill instead to a special select committee of the National Assembly for tweaking.
The legislations are but part of a number of steps that Guyana and rest of the CFATF members have to take to stop dirty money from entering the financial system.
The Government is maintaining the bill is non-negotiable as it came from the international community.
The Opposition had made a number of amendments but last month, Attorney General Anil Nandlall submitted counter proposals.
Under the legislations local banks, money transfers, cambios, casinos and pawnbrokers are among scores of entities that will have to take steps to reduce the possibilities of money laundering. This includes reporting of suspicious transactions and demanding proper identification from customers.
The legislations were first introduced early last year but rejected by the Opposition which claimed that they wanted time to study it.
The wrangling continued and Guyana again missed a November deadline.
CFATF has since warned its members to take steps to protect themselves from possible risks of Guyana.

Executive Director, Calvin Wilson

CFATF will be holding a review next month end at which point in time it will refer Guyana to the global body… Financial Action Task Force (FATF)/ International Corporation Review Group (ICRG). At the FATF review of Guyana, the nation stands to be blacklisted internationally.
The task force is insisting that Guyana pass the relevant legislation and implement all the outstanding issues within its Action Plan, fully criminalise money laundering and terrorist financing offences, address all the requirements on beneficial ownership, strengthen the requirements for suspicious transaction reporting, improve international cooperation and ensure the freezing and confiscation of all terrorist assets.