Latest update April 19th, 2024 12:59 AM
Feb 23, 2014 News
…tells Private Sector Guyana must make Friday’s deadline – Nascimento
Friday will be the drop dead deadline for Guyana to submit a report to the Caribbean Financial Action Taskforce (CFATF) or else the country would automatically be referred to the Financial Action Taskforce in Paris, France where it can face global blacklisting.
This is according to Kit Nascimento, who on Friday last, led a delegation to meet with CFATF representative, Roger Hernandez, who indicated to the team that the only reason that FATF did not assess Guyana at its last meeting is because government demonstrated a commitment to have the Bill enacted, as such CFATF intervened.
Nascimento, along with leading business figures such as Beverley Harper, Captain Gerry Gouveia, Desmond Sears, Clinton Urling and John Willems met Hernandez, on Friday.
Nascimento said that the team met with Hernandez to ascertain, CFATF’s position on the Bill, as well as clarification on the various deadlines and implications of missing the deadlines.
He said that Hernandez confirmed to them that nothing Government had been saying was exaggerated and that countries within the region, such as Trinidad and Tobago have already begun to put measures in place as it relates to financial transactions with Guyana.
According to Nascimento, Hernandez reiterated that should Guyana miss this deadline it would mean an automatic referral to FATF, in Paris.
International blacklisting, he said, would put a great strain on the country, as moving money in and out of the country would come under increased scrutiny or in some cases even denied.
According to Nascimento, investors would certainly think twice about investing in such a financial atmosphere.
He said that Hernandez confirmed that the Bill that was put before the House and was eventually sent to the Special Select Committee is CFATF compliant and that changing it could possibly make it non compliant.
Nascimento said that the delegation was informed by Hernandez that even minor changes can see the Bill becoming non compliant.
He said that the Private Sector team queried whether the proposal by A Partnership for National Unity (APNU), namely, to allow the police to effect searches and seizure of money by the police, Hernandez, according to Nascimento said that this is not a requirement in any of the jurisdictions anywhere in the world.
As a result the team met with the Alliance for Change over its position and demands regarding the Anti Money Laundering and Countering the Financing of Terrorism Bill.
According to Nascimento, he has already made contact with the Opposition Leader, Brigadier (rtd) David Granger, with a view to securing a meeting.
Nascimento said that the Private Sector is hopeful that it will be able to meet with an APNU delegation by Tuesday.
Hernandez met with the members of the Special Select Committee tasked with addressing the amendments to the legislation following a request by APNU’s financial Spokesperson, Carl Greenidge.
Following that meeting Hernandez told this publication that Guyana will not be automatically removed from the current blacklisted status it holds with the mere passage of the amendments to the Anti Money Laundering and Countering the Financing of Terrorism Bill.
Hernandez was asked specifically if with the passage of Bill Guyana would be removed from the current CFATF blacklist.
His response was a resounding “no” and he added that what is required is implementation.
“You require implementation; it is not just passing the law. It is about implementing the law.”
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