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CARICOM Central Bank Governors urge “prompt” implementation of CFATF recommendations

Jul 14, 2014 News

– Warn about potential “prolonged loss of international confidence”

CARICOM Central Bank Governors have agreed that strong legislative and effective compliance frameworks are fundamental to the continued functioning of the Regional Financial Sector in accordance with acceptable international standards.
A recent press statement issued reflected the Governors’ collective opinion that such frameworks are reflective in the 40-plus Recommendations of the Financial Action Task Force on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
CARICOM Central Bank Governors are therefore urging all CARICOM countries to ensure compliance with AML/CFT requirements and, where necessary, take prompt action to implement the recommendations of the CFATF, inclusive of legislative amendments, to avoid blacklisting.  Failure to do so will have far-reaching implications for each country, adverse spill-over effects to other Caribbean countries, and will result in a prolonged loss of international confidence.
As it stands, Guyana ranks number one on the list of delinquent Regional countries that are under review by the Financial Action Task Force (FATF), an international watchdog body that guards against money laundering and the financing of terrorism.
FATF has given Guyana until October to get its act together legislatively as well as none legislatively and face a targeted review by the body.
However, the government and the combined Parliamentary Opposition are yet to reach a compromise which will see the successful passing of the Bill in the National Assembly.
The Alliance For Chance (AFC), which holds seven seats in the National Assembly has called for the establishment of the constitutionally mandated Public Procurement Commission (PPC) without Cabinet’s no objection to contracts above $15M before support can be given for the passage of the AML/CFT legislation.
A Partnership for National Unity (APNU), which holds 26 seats in the National Assembly had called for the re-tabling of the Local Government Bills within the National Assembly in addition to the amendments they have with AML legislation itself.
Guyana has already been blacklisted by the Caribbean Financial Action Task Force.

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