Latest update April 19th, 2024 12:59 AM
Nov 25, 2014 News
Guyana has told regional regulators that key anti-money laundering laws may be delayed
further unless there is an end to the stalemate of Parliament.
Facing a no-confidence motion, President Donald Ramotar, two weeks ago, prorogued Parliament saying that it will pave the way for dialogue on a number of contentious issues.
However, the Opposition is insisting that Parliament be reconvened before any talks.
One of the outstanding pieces of legislations is the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill. The Government has been unable to pass the legislations since it was tabled in the National Assembly earlier last year.
The situation led to the regional regulator, Caribbean Financial Action Task Force (CFATF), recommending members to take protective measures to ensure their financial systems are protected.
The legislations are crucial to show the region and the world that Guyana has taken steps to ensure monies from illegal proceeds does not end up financing terrorist activities. Banks, insurances companies, money transfers, cambios and a host of financial and other services are being targeted to tighten up systems.
According to a Government statement yesterday, CFATF is currently hosting its Plenary Meeting XL and Special Ministerial V Meeting in San Salvador, El Salvador. Guyana is being represented at this meeting by Anil Nandlall, Attorney General and Minister of Legal Affairs, along with a team from the Financial Intelligence Unit (FIU).
Guyana was required to provide an update of Guyana’s position following the world body, Financial Action Task Force (FATF) meeting in Paris, France in October 2014.
“The Attorney General provided that update informing the meeting that Guyana has submitted an Action Plan after collaboration with the American Regional Review Group (ARRG). This Action Plan was submitted and approved by FATF at the Paris meeting, where a High Level commitment was given by His Excellency, Donald Ramotar, pledging Guyana’s commitment to implement this Action Plan.”
According to the statement, at the ARRG engagement, after a presentation by the Attorney General who explained the challenges faced by Government in Guyana’s Parliament, Guyana was granted until September 2015 to implement the legislative measures and until May 2015 to implement the non-legislative measures.
This recommendation was accepted at the FATF meeting in Paris.
“The Attorney General further informed the meeting that the non-legislative measures are being implemented with dispatch and there is every likelihood that these will be completed long before the May 2015 deadline.
“He recognised the assistance which Guyana continues to receive from the diplomatic community in Guyana at various levels.”
As regards the legislative measures, Nandlall, according to the statement, pointed out that this is the area which continues to pose tremendous challenges to the Government of Guyana since up until the Paris meeting, the majority comprising of the joint opposition in the National Assembly refused to lend their support to the enactment of the AMLCFT Amendment Bill 2013 which captures all the requisite legislative measures.
“He further pointed out that since the Paris meeting there has been some developments in that Parliament has since been prorogued because the joint opposition was going to move and pass a no-confidence motion which would have resulted in dissolution of Parliament and general elections within three months.”
One of the grounds for the prorogation of the Parliament was to offer an opportunity by the President for the Government and the joint opposition to enter into constructive engagements in order to arrive at consensus on a number of national issues including the swift enactment of the AMLCFT (Amendment) Bill, the Attorney General reportedly said.
“The Attorney General emphasised that should no compromise be produced by this offer of the Government, then National Elections will be inevitable. The enactment of the AML/CFT Bill will continue to be of the highest priority on the Government’s Parliamentary agenda when Parliament resumes and every effort will continue to be exerted to ensure that this Bill is passed within the timeframe agreed upon in the Action Plan.”
Many jurisdictions in the region have responded to the CFATF’s public statements by issuing directives and instructions to the relevant agencies within those jurisdictions informing of the status of Guyana and to continue to take measures or prepare themselves to take measures to protect themselves from the risks which Guyana poses or will pose should the situation deteriorate.
These jurisdictions include the British Virgin Islands, Bermuda, Curacao, Dominica, St. Maarten, Trinidad & Tobago, Turks & Caicos Islands, Jamaica, Bahamas, Barbados and Montserrat.
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