Georgetown : President Donald Ramotar is questioning whose interest the combined Opposition is representing, since neither the country’s economy nor its people stand to benefit from the non-passage of the Anti-Money Laundering and Countering the Financing (AML/CFT) (Amendment) Bill, which is currently languishing before a Parliamentary select committee.
The Caribbean Financial Action Task Force (CFATF) recently ranked Guyana as one of the most delinquent countries that is most likely to be selected for review by the Financial Action Task Force (FATF) for the International Cooperation Review Group’s (ICRG) later this month.
As it stands, the country has already been blacklisted by CFATF since November last year, and the effects of that label have begun to penetrate the local financial sector. Should the country be subjected to a review by FATF, it would be seen internationally as a terrorist state and one that is in support of money laundering. As such, transactions with financial institutions overseas will be suspiciously examined, and they will become more time consuming and expensive.
“Who will benefit if this Bill is not passed? Definitively not the Guyanese people…in the first instance it will affect the cost for people in our country doing business with banks abroad… it will also give our country a very bad name and send a message to investors that can negatively impact investments coming to our country,” the Head of State lamented during a programme titled ‘The Conversation’ aired on the National Communications Network (NCN).
He emphasised that not only will the banking and insurance sectors be affected, but there will be dire impacts on investments which contribute significantly to job creation. Further, even ordinary Guyanese citizens who conduct money transfer transactions with relatives overseas will not be spared the consequences of international blacklisting.
The President said that the only people that stand to derive benefits from the non-passage of this important piece of legislation are those perpetrating money laundering and other financial crimes. As such, the parliamentary Opposition needs to decide whose interest they are representing.
The intention of the amendments to the AML/CFT Bill is simply to bring Guyana’s financial crimes legislation in line with those of other jurisdictions. It addresses loopholes in the existing Act under which money laundering and financing of terrorism can be done.
The Bill was tabled in the National Assembly since March 2013 at which time the Opposition asked for it to be sent to a select committee for further deliberations and to make amendments where necessary. This was done; however, at the select committee, the Opposition employed a number of delaying tactics to stymie the work of that committee. As a result, Guyana missed consecutive deadlines in May, August and November in 2013.
He said that thus far, there has been no legitimate force in Guyana that opposes the amendments to the AML/CFT Bill. The largest section of organised labour, the Federation of Independent Trade Unions (FITUG), the Private Sector Commission (PSC), farmers through the Rice Producers’ Association (RPA) and ordinary Guyanese citizens have all come out in support of the Bill because they recognise the damaging effects of its non-passage.
President Ramotar said that this stance that they have taken will essentially protect criminals and money launderers. “They have intelligent people on their side, and they must know the consequences of the non-passage of this Bill…I hope that the opposition will go on the side of the legitimate forces of Guyana… I still hope that they recognise that they have absolutely nothing to gain by not passing this Bill,” the President stated.
He reminded that international blacklisting will affect all Guyanese, regardless of whether they support the PPP/C or any of the Opposition Party.
The Bill in its current form before the House has already been approved by the CFATF, as it meets all of the requirements and incorporates the recommendations that were made by the watchdog body.
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