Georgetown: The amendment to the Anti-Money Laundering and Financing of Terrorism Act is about Guyana’s national interest and this should supersede political interest, hence it is time for the Political Opposition to put aside their political interests and think nationally and patriotically, Attorney General (AG) and Legal Affairs Minister Anil Nandlall said.
Speaking during an interview on the National Communications Network’s ‘Inside Parliament’ programme, the minister said that the bill should be passed in the national interest as Guyana is a signatory to several treaties internationally that specify the need for such legislation.
“These treaties are UN treaties and they are supervised, they are monitored by United Nations and United Nations satellite bodies all across the world. Because of the importance which attaches to these treaties, countries have agreed that they will impose sanctions upon countries which do not comply with these obligations and the requirements which devolve upon them out of this treaty and that is a common understanding among nations,” the AG stated.
The amendments which are in this bill came out of issues raised, Minister Nandlall said, by a task force, the Caribbean Financial Action Task Force on anti laundering set up to monitor these activities in the region. He said that 29 countries come under its umbrella of supervisory control and monitoring. “It is those experts from that unit who came up with this essentially, with these recommendations, and of course us in Guyana in particular the AG Chambers and the financial intelligence unit here would have had to discuss with them, the recommendations to ensure that they do not violate or they are not inconsistent with our domestic law and of course the constitution.”
He called for support for the bill, which the parliamentary opposition voted to send to a special select committee. “I remain optimistic that all parliamentary parties would see the necessity to have the proposed legislation passed urgently as a matter of national importance.”
“If we do not pass these amendments within the given timeframe that is on the May 27, then Guyana as a country shall be placed upon a list with other delinquent countries, and would be visited with a regime of sanctions which will include restrictions in the manner that we do business internationally especially involving wire transfers of funds. Once placed on that list, it takes an average of approximately seven years to come off that list during which time we would have had to undergo a host of stringent scrutiny of our procedures used when transacting business across our borders.”
After its reading in the National Assembly on May 7, the bill was deferred to the Special Select Committee for consideration. That committee should conclude its work by May 22, according to its members.
The Special Select Committee was set up Tuesday comprising the government representatives Gail Teixeira, Home Affairs Minister Clement Rohee, Finance Minister Dr. Ashni Singh and the AG. On the opposition side, representing the Alliance for Change is Khemraj Ramjattan, whilst A Partnership for National Unity is represented by Deborah Backer, Joseph Harmon, Basil Williams and Carl Greenidge.
The Financial Action Task Force (FATF), a global watchdog against financial crimes, will meet in Nicaragua from May 27-30 and will examine how Guyana and other countries in the Caribbean are meeting international obligations.
The Organisation of Economic Cooperation and Development (OECD) is demanding that Guyana tightens its anti-money laundering Act by the end of the month, so as to comply with the recommendation of the Caribbean Financial Action Task Force, a move which the ruling administration is keen to implement.
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