Latest update December 4th, 2024 2:40 AM
Anti-money laundering troubles must be laid at feet of former PPP/C regime – GTUC
The Guyana Trade Union Congress (GTUC) has blamed the problems of Guyana being monitored for dirty money on the previous Government, the People’s Progressive Party/Civic (PPP/C).
The comments by the body would follow concerns raised yesterday by the Private Sector Commission (PSC) that Guyana’s status with the world regulators on anti-money laundering has remained unchanged. The business body said that this was despite the country passing key legislations recently.
The failure of Guyana to implement measures to fight money laundering is to be laid squarely at the feet of the PPP/C regime, GTUC has said.
According to the trade union umbrella body, it has taken note of the PSC’s comments on Guyana’s monitoring status on the Financial Action Task Force (FATF), and the Caribbean Financial Action Task Force (CFATF), even though the legislative requirements have been met by the passing of an amended Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT).
“This status was expected. This nation would recall that Mr. Roger Hernandes, CFATF’s Financial Advisor, who visited Guyana in February 2014, informed that this status will likely remain for a minimum of two years, with removal contingent on implementation/enforcement of the laws,” GTUC pointed out.
The union body insisted that this inconvenience, though necessary, should be laid at the feet of the PPP regime, which since 2009 had engaged in dilatory tactics in moving Guyana towards international compliance.
“The APNU+AFC government now has a responsibility to move to have the other supporting structures established that would lead to the required accountability, demonstrating Guyana’s commitment to honour its obligations under international AML/CFT conventions, as a member of the international community. It is only then Guyana’s monitoring status is likely to change,” GTUC explained.
The body said that the AML/CFT law is governed not by gut-feeling but by a body of rules that guides implementations and concurrence.
“GTUC takes this opportunity to remind the government of its obligation to establish the constitutionally required Public Procurement Commission and Integrity Commission, of which the former would ensure the integrity of government’s contracts and later that of public officials. Both are hinged to countering money laundering and financing of terrorism. As such, establishment must be a matter of immediacy.”
GTUC said that where the PPP regime failed to get the important pillars of governance in order, it behooves this administration to fix the anomalies in the system.
Yesterday, PSC acknowledged that a significant step has been taken in remedying Guyana’s AML/CFT deficiencies in the passing of the act.
In congratulating the new Government, the business body noted, however, that Guyana had agreed to an action plan with the world’s FATF in October 2014.
“The implementation of this plan remains crucial to the removal of the country from any list of countries that need to be monitored by the FATF and, until all the elements agreed to have been effectively dealt with, transactions emanating from Guyana will continue to be subject to additional scrutiny.”
The action plan included a commitment to ensuring a fully operational and effectively functioning Financial Intelligence Unit, the establishment of effective measures for customer due diligence and financial transparency and the implementation of an adequate supervisory framework.
“The PSC is deeply concerned with regard to being on this monitoring list by FATF and we call on Government to urgently take the steps necessary to remedy these strategic AML/CFT deficiencies so that Guyana can be removed from the monitoring list.”
Compliance with international regulations, in keeping with CFATF and FATF, will ensure that Guyana continues to trade without hindrance as it would signal that checks and balances are in place to stop dirty money from entering the banking system.
Following the failure of Guyana to pass legislations, CFATF had warned its member countries to take steps when dealing with transactions from this country.
There have been delays in transactions and deep worry in the business community over the issue.
Pic filed as bank of Guyana in Saturday
The failure of Guyana to implement measures to fight money laundering is to be laid squarely at the feet of the PPP/C regime, GTUC has said.
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