President attempts to save AML Bill, to meet with Opposition today

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President Donald Ramotar
President Donald Ramotar

[www.inewsguyana.com] – The government, Opposition parties and the private sector are reportedly in discussions to ensure the passage of the Anti -Money Laundering and Countering the Financing of Terrorism Bill in the National Assembly on Thursday, February 27.

A private sector official told iNews that the Private Sector Commission (PSC) met with both the government and opposition parties with the aim of forging a compromise.

The official pointed out that that a meeting between the government and A Partnership for National Unity (APNU) and the Alliance for Change was initiated by President Donald Ramotar today (Wednesday, February 26) in another effort to reach an understanding. This meeting, iNews learnt, is scheduled for 11:00 at the Office of the President.

The private sector stands to be affected the most if the Bill is not passed. As such, the official explained that if no compromise is met and the Bill is not passed, then the economy will be in “trouble with the possibility of a slowdown and massive job losses.”

Guyana has to submit a report to the Caribbean Financial Action Task Force (CFATF) on its follow-up process by February 28.

This means that the Bill has to be passed, enforced and submitted along with the report by that date to the CFATF. This body then has to analyse the Bill on aspects of compliance with international standards subsequent to which a report will be made to the plenary in May.

On the basis of that report, the plenary will be able to make a decision on the way forward. It will decide whether Guyana should be subjected to further counter measures or if it should be recommended to the FATF for review by the International Co-operation Review Group (ICRG).

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