Non-passage of Anti- Money Laundering Bill drives up exchange rates

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[www.inewsguyana.com] – Guyana’s foreign exchange rate has increased as a result of the non – passage of the Anti – Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, which resulted in Guyana being blacklisted.

This is according to Chairman of Banks DIH, Clifford Reis, during his remarks at the Company’s Annual General Meeting on Tuesday (January 21) at the Georgetown Club.

According to Reis, new and innovative models are required in the financial and banking sectors to combat the negative effects of the 2008 economic crisis.

“The Anti-Money Laundering and the Countering Financing Terrorism Bill, this enactment is certainly not restricted to the confines of the banking system in Guyana, but has far-reaching implications and consequences for everyone globally regarding non-compliance,” the Banks DIH chairman said.

He explained, “Deposits at the commercial banks increased by 11.1 per cent to $335.5 billion; private sector deposits which grew by 7.5 per cent to $268.4 billion accounted for 88.0 per cent of total banking sector deposits.”

Total loans and advances jumped by 14.8 per cent to $174.9 billion at September 30, 2013 with credit to the private sector increasing by 13.2 per cent to $115.0 billion.

At this point in time, legislators are yet to reach consensus on the Bill. Guyana faces further sanctions from the Caribbean Financial Action Task Force (CFATF) in February and May if the legislation is not passed in the National Assembly by that time.

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