Latest update March 28th, 2024 12:59 AM
Sep 19, 2014 News
…Govt. expects definitive pronouncement – Dr Luncheon
The Cabinet Council of Ministers, have agreed on a team to travel to the United States for the American Regions Review Group, where Guyana will be subjected to a targeted review regarding its compliance with the Caribbean Financial Action Taskforce (CFATF) in relation to the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Legislation.
The announcement came this past week when Head of the Presidential Secretariat, Dr. Roger Luncheon, updated media operatives on this week’s Cabinet deliberations.
According to Dr. Luncheon, the team will be headed up by Attorney General Anil Nandlall, Head of the Financial Intelligence Unit (FIU), Paul Geer, legal advisor to the FIU, Aleisha Williams and Head of the Special Organised Crime Unit, Assistant Commissioner of Police, Sidney James.
Dr. Luncheon reported that during the course of the deliberations, Presidential Advisor Gail Teixeira updated the Cabinet on her failure to get the opposition members of the Special Select Committee to meet prior to the targeted review at the end of the month.
According to Dr. Luncheon, the review will be undertaken by the American Regions Review Group (ARRG). The review has been mandated by the Financial Action Taskforce (FATF), the international parent body for CFATF.
The review will be held in Florida, USA, where the team headed by Nandlall will be grilled on Guyana’s compliance.
Dr. Luncheon used the opportunity to remind media operatives that the targeted review stems from the consistent failure on the part of Government and opposition to pass compliant legislation.
Guyana was referred to the June 2014 plenary of FATF which was held in Paris, France. At that time Teixeira had headed the delegation to plead Guyana’s case.
Dr. Luncheon noted that this time around the Guyana delegation will be meeting in the context of a report that had to be prepared and submitted by Guyana to a formal request by the ARRG for information.
He noted that the ARRG had submitted a document that called for a considerable amount of detailed information about the status quo with Anti-Money Laundering and Guyana’s responses to its obligations under CFATF and FATF.
As a result, Dr. Luncheon suggested that the focus of this month’s end meeting will be reviewing Guyana’s responses to the ARRG request.
He posited that the outcome will be definitive, since the ARRG, armed with the results of the targeted review, will submit its findings to the October Plenary of FATF.
Guyana, he said, will have to once again re-appear before the FATF plenary “and maybe a judgment of some definitiveness, something of worth, something of value, something of conclusion may yet be provided.”
Guyana was referred to FATF after CFATF found that Guyana had been non-compliant with its recommendations, specifically the non passage of the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill.
Last November, CFATF issued a public statement with regard to two of its members —Belize and Guyana.
The CFATF statement on Guyana had said that while Guyana made efforts to address its deficiencies, it has not taken sufficient steps towards reforms.
CFATF at the time was adamant that Guyana must pass the relevant legislation and implement all the outstanding issues within its Action Plan, including fully criminalizing money laundering and terrorist financing offences; addressing all the requirements on beneficial ownership; strengthening the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets, and fully implementing the UN conventions.
Guyana is yet to meet the legislative obligations, namely the passage of the Anti-Money Laundering and Countering the Financing of Terrorism Amendment Bill.
The political opposition is adamant that its demands must be met before the successful passage of the AML/CFT Bill.
Among the conditions set by A Partnership for National Unity is the assent to a number of pieces of legislation related to the hosting of Local Government Elections, among other demands.
The Alliance for Change is demanding the establishment of the Public Procurement Commission.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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