Guyana to beg for another extension to amend Anti – Money Laundering legislation

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[www.inewsguyana.com]Today, MondayNovember 18 marks the deadline for which Guyana should have been in compliance with the Caribbean Financial Action Task Force (CFATF) Anti Money Laundering Legislation.

Guyana is now on the verge of being blacklisted due to the lack of the amended piece of legislation. The Amendments were not supported in the National Assembly by the Parliamentary Opposition – A Partnership for National Unity (APNU) and the Alliance for Change (AFC).

The joint opposition had also thrown out a petition from the Private Sector Commission, requesting that they (the opposition) support the amendments.

Both the APNU and the AFC have indicated in the media that they are willing to re-consider their previous position with regard to the Bill, providing that Government gives certain concessions.

However, according to Finance Minister, Dr. Ashni Singh, neither party has offered any significant willingness to commit to a deadline for this to bill to be re-tabled in the National Assembly.

“This approach by the Opposition to ransom Guyana’s social and economic development for political mileage is an unhealthy one,” the Finance Minister said.

Minister of Legal Affairs, Attorney General Anil Nandlall is currently in the Bahamas, where he will report to a group of approximately 40 persons representing the interest of 26 countries.

“The AG will try to convince the group of the need for a further extension of the deadline, though it is unlikely that, at this point in time, another extension will be granted,” Dr. Singh said in a statement.

According to him, even without being blacklisted quite yet, international financial bodies have already begun issuing official letters urging “enhanced scrutiny” to banks when transacting business with Guyana.

In addition, private investors who have had an interest in conducting business in Guyana have also indicated their hesitancy in moving their business further until there is assurance that Guyana complies with the CFATF requirements.

 

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