Non – enactment of Anti Money Laundering legislation could cripple aviation services– Aircraft Association


[]The Aircraft Owners Association of Guyana is urging Parliamentarians to set aside their political differences and work together to ensure the successful passage of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill.

In a statement, the Association emphasized that if the legislation is not enacted, then it will greatly affect the business of the civil aviation.

“In the case of the business of civil aviation, which is entirely dependent on the importation of aircraft spares and aircraft for its operations, any significant delay in the transfer of monies through our banking system would very quickly result in crippling the country’s aviation services and, in turn, domestic freight and commercial services to hinterland communities, mining, forestry and other essential services,” the Aircraft Association pointed out.

The Association further pointed out that Guyana’s international reputation will also be at stake. The Association also endorsed the statements issued by the Private Sector Commission, the Guyana Manufacturing and Services Association and the Guyana Association of Bankers on the issue.

To date, the political opposition and the government are yet to agree on the Amendment Bill. Guyana has until November 18 to ensure the enactment of the Legislation and failure to do so will result in the country being blacklisted by the Caribbean Financial Action Task Force (CFATF).



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