Georgetown: Guyana has been officially blacklisted by the Caribbean Financial Action Task Force (CFATF) as a result of the non – enactment of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, according to Legal Affairs Minister and Attorney General Anil Nandlall.
Nandlall recently returned from Bahamas where he represented Guyana at the CFATF meeting.
With Guyana’s financial sector in a limbo due to the failure to comply with international standards and regulations as it relates to the Anti-Money Laundering and Counter Financing Terrorism Act (AML/CFT), corresponding banks are already eyeing the country as bad place for trade and investment.
Central Bank Governor Lawrence Williams, Republic Bank’s Chief Executive Officer John Alves and private sector representatives Gerry Gouveia and Clinton Urling had highlighted some of major challenges Guyana would face for non- compliance with the international anti-money laundering act.
In May, Guyana was granted a six month extension to get its house in order and to pass the amended legislation, however the combined opposition parties were reluctant to pass the legislation citing the quality of the Bill produced.
Minister of Legal Affairs said that it makes no sense having the “best Bill” when the country will be blacklisted.
Government had stated that the move by the opposition represents economic sabotage and that their intent was unmasked when callous disregard was paid to the petition by the Private Sector Commission which was rejected earlier in the day.
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