THE Main Opposition’s “cavalier” approach to the necessity of complying with the standards of the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF) was decried by Finance Minister, Dr. Ashni Singh, yesterday.

The Chair of the Parliamentary Special Select Committee, reviewing the Anti-Money Laundering and the Countering of Financing of Terrorism (AML/CFT) (Amendment) Bill, Gail Teixiera, told the Guyana Chronicle after the Committee’s meeting on Wednesday, that A Partnership for National Unity (APNU) had “scoffed” at the necessity of Guyana meeting the requirements set out by the financial regulatory bodies.
Addressing the issue at a news conference yesterday at the National Communications (NCN) studio, Dr Singh made it clear that Guyana cannot ignore CFATF and FATF. “We don’t enjoy the luxury of ignoring the views of CFATF or FATF; we are part of an international system.
“Guyana is not an island; it is not isolated from the rest of the world, and as long as we are part of this international system, we must abide by international standards and norms,” he said.
“I don’t believe any country enjoys the luxury, even a country much larger than ours, of dismissing CFATF or FATF and to the extent that these entities have articulated, have promulgated, standards that are applicable to their membership; we have an obligation to comply,” Dr Singh added.
APNU and the government, after Wednesday’s meeting, are now embroiled in disagreements over two main issues: The necessity to comply with international regulations, as well as the powers of the President and Ministers in the local AML/CFT framework, which were the subject of APNU’s amendments to the principal act and counter-proposals made by the Attorney-General and Minister of Legal Affairs, Anil Nandlall. The latter proposal was rejected by the Main Opposition at Wednesday’s meeting. Also, the Party is calling for the President to assent to several Bills passed in the National Assembly; Bills the Head of State has described as clashing with the Constitution.
The Parliamentary Special Select Committee’s meetings have been adjourned indefinitely giving rise of greater uncertainty over the passage of the AML/CFT (Amendment) Bill before FATF meets at the end of the month.
FATF’s next plenary meeting is slated for June 23 to 25, 2014 in Paris, France, at which time the international body is likely to put Guyana up for review by its International Cooperation Review Group (ICRG).
Additionally, the nation is grappling with the beginning of the implementation of counter-measures advised by CFATF when it referred Guyana to FATF on May 29.
Through a missive to its members, the counter-measures against Guyana that were advised by CFATF include: the requirement of enhanced due diligence measures; introducing enhanced reporting mechanisms or systematic reporting of financial transactions; refusing the establishment of subsidiaries or branches or representative offices in Guyana; and taking into account the fact that financial institutions from Guyana that do not have adequate AML/CFT systems and limit the business relationships or financial transactions with the country.
Meanwhile, the National Assembly is scheduled to sit next on June 19, 2014.

(By Vanessa Narine)