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CFATF compliant bill can be passed within 24 hours – President Ramotar
President Donald Ramotar has said that the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) (Amendment) Bill can be passed within 24 hours to save Guyanese from the hardships of the consequence of the country being blacklisted.
President Donald Ramotar
The Head of State is of the view that it can be done on the premise that the bill currently at the level of the Special Select Committee of Parliament, has been deemed compliant by the Caribbean Financial Action Task Force (CFATF).
President Ramotar said the passage of the Bill can be achieved if the Opposition parliamentary parties were to show a sense of nationalism in the interest of Guyana and Guyanese.
Opposition Leader David Granger had said that the Bill can be passed in 48 hours. Granger is adamant that in order to get their support, the Government must accede to the Opposition’s several demands!
The Alliance For Change (AFC) party on the other hand, said 72 hours is enough for the passage of the Bill, but restated that the Public Procurement Commission must be established.
On Thursday, President Ramotar issued a call for the Opposition to unconditionally pass the Bill, to limit the harm already done by the latest move by CFATF.
His announcement came on the heels of the conclusion of the recently concluded 39th Meeting of the CFATF held between May 26 and May 29, 2014, in Miami, which saw Guyana being the subject of a CFATF review, as a result of the National Assembly not passing the AML/CFT Bill, and being referred to the Financial Action Task Force (FATF), the parent body of CFATF.
CFATF issued a public statement informing the world that Guyana poses serious risks to the international financial system, and called upon the rest of the world to take measures to protect their systems from those risks.
Measures that will be implemented against Guyana include the requirement of enhanced due diligence; introducing enhanced reporting mechanisms or systematic reporting of financial transactions; refusing the establishment of subsidiaries or branches or representative offices in Guyana, or otherwise taking into account the fact that the relevant financial institution is from a country that does not have adequate AML/CFT systems and limiting the business relationships or financial transactions with Guyana or persons in our country, among others.
The Government has done everything possible to pass the critically needed legislation through the National Assembly, and at the eleventh hour the Opposition proposed recommendations.
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