[www.inewsguyana.com] – CARICOM Central Bank Governors agreed that strong legislative and effective compliance frameworks are fundamental to the continued functioning of regional financial sectors in accordance with acceptable international standards.
In a statement issued, the Governors stated that these are reflected in the 40 + 9 Recommendations of the Financial Action Task Force on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
As such, CARICOM Central Bank Governors, therefore, “urge 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.”
The Financial Action Task Force [FATF] has given Guyana until October to get its act together and amend its Anti Money Laundering and Countering the Financing of Terrorism Bill.
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.