Latest update April 25th, 2024 12:59 AM
Jun 06, 2014 News
By Gary Eleazar
President Donald Ramotar and Opposition Leader Brig David Granger have identified a range of issues for which they are seeking common ground before the passage of the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill ahead of the Financial Action Taskforce’s (FATF) plenary review.
However, Office of the President is not free with the details.
Head of the Presidential Secretariat, Dr Roger Luncheon, yesterday confirmed that last Monday’s meeting between President Donald Ramotar and Opposition Leader David Granger included the AML/CFT legislation and that they agreed on an intervention.
Dr Luncheon said that he could not divulge details of this intervention without the permission from the principals, Ramotar and Granger.
He said the meeting was primarily to deal with the reconstitution of two service commissions but conceded that the two discussed issues related to the AML/CFT Bill in view of the upcoming review of Guyana.
According to Dr Luncheon, he is “not certain what was discussed and accepted to be made available to the public.”
Dr Luncheon did say, “I would be prepared to say is that an appreciation developed for an intervention, one that was timely and one that would end with the enactment of the FATF compliant money laundering legislation.”
According to Dr Luncheon, Granger agreed that the Opposition would contribute to an engagement with government representatives on a particular range of issues, “whose resolution to their satisfaction would contribute to the enactment of FATF compliant legislation.”
Speaking to the work of the Special Select Committee addressing the Amendment Bill, Dr Luncheon said that its contribution would be unnecessary if the work at the level of the President and Opposition Leader would lead to a successful resolution.
Pressed on the specifics in relation to what range of issues the two have decided to find common ground on, Dr Luncheon said, “I wouldn’t say anything further.”
Prior to fielding questions from the media, Dr Luncheon lamented that the outcome of Guyana’s failure to enact CFATF compliant Anti Money Laundering legislation was more than a matter of prophecy.
He said that aspects of the outcome were mooted and some were already being implemented and impacting on Guyana’s foreign financial transactions and consequently on its economy.
Dr Luncheon said that the Opposition continues to deny responsibility for the sad state of affairs facing Guyana.
He said that the Opposition would have the nation believe that the AML/CFT Bill is just another aspect of local politics. “The Opposition knows better; the international community is at one where it comes to dealing comprehensively with the scourge of money laundering.”
Dr Luncheon said that it is unfortunate that the Opposition attends to the plight of the Berbice Bridge Crossing and maritime commuters among other issues but refuse to see the bigger picture, namely a FATF compliant legislation, “the absence of which sees the threat of blacklisting.”
Guyana has already been blacklisted regionally by CFATF. Recently, when that body reviewed the country, it was found to be still none compliant and as such was referred to its parent body FATF, which could possibly blacklist Guyana internationally.
That FAFT review of Guyana will be conducted during its Plenary in Russia beginning June 15 and continuing to June 20.
CFATF at its recent review of Guyana opted to introduce even more sanctions on Guyana.
It issued a warning to its 27-member countries to consider Guyana to be a risk to the international financial system.
The regional body advised the implementation of further counter measures to be taken against Guyana in order to protect financial systems from the “ongoing money laundering and terrorist financing risks emanating from Guyana.”
According to CFATF, “As a result of not meeting the agreed timelines in its Action Plan, the CFATF recognises Guyana as a jurisdiction with significant AML/CFT deficiencies, which has failed to make significant progress in addressing those deficiencies and the CFATF considers Guyana to be a risk to the international financial system.
“Members are therefore called upon to implement further counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana. Also, the CFATF has referred Guyana to the FATF.”
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