Gov’t announces February 28 as new deadline for passage of AML Bill


[] – In a statement issued by the Government of Guyana on Friday (February 14) the administration claims that the country has to file a report by February 28 to the Caribbean Financial Action Task Force (CFATF) for their review and report to Plenary members in May 2014.

As such, February 28 is now the new deadline for the passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Amendment Bill since Guyana is expected to attach to that report the conclusions on the AML/CFT Amendment Bill.

This report is expected to also include Guyana’s plan of action to correct its deficiencies as part of the ongoing process.

“Between February and May it is expected that there will be dialogue and discussions with CFATF with regards to the preparation of the report for CFATF Plenary,” the statement added.

The Government said it was advised that the FATF Plenary members on Thursday (February 13) accepted the CFATF (ICRG) recommendation that Guyana will be reviewed subsequent to the its next Plenary meeting in May of 2014.

“This is the substance of the CFATF Public Statement made in November 2013 when the National Assembly defeated the Government’s AML/CFT Amendment Bill on November 7, 2013,” the administration noted.

The Government said neither the FATF nor the CFATF will be issuing any statements emanating from the Paris meeting on Guyana. The decisions of the 2013 November CFATF meeting and plan of action remain unchanged.

If the May Plenary is dissatisfied with Guyana’s progress, the 2013 November Statement already provides the decision for the country’s referral to FATF which is meeting in June 2014.

“The Government wishes to go on record to thank Guyanese citizens, civil society bodies with particular reference to the business community and their organizations, the labour movement, the diplomatic community, the Organization of American States and the CARICOM, all who publicly lent support to the Government of Guyana’s efforts in what were and continue to be unique and unprecedented circumstances.”

The Government ended its statement with a stern call on the opposition to pass the AML/CFT Amendment Bill in the National Assembly as urgently as possible and before the end of February, 2014.



This site uses Akismet to reduce spam. Learn how your comment data is processed.