THE 2017 International Narcotics Control Strategy Report (INCSR) lists Guyana along with 14 other Caribbean Community (CARICOM) member-states as “major money laundering” nations. This report, though it may sound as a surprise, when examined critically is not unexpected. What Guyanese, domiciled and in the diaspora, must continue to work hard at, is removing this blemish to our image.

This newspaper, in various editorials, has been seeking to impress upon citizens the importance of cooperating with the banking system and other money-transfer services in providing the supporting information to validate the credibility of the source of money. Ridding the system of money laundering requires collective effort. Where the legislature through laws can move to foolproof the system, the executive can provide the required institutional support to eradicate the scourge and the judiciary dispense justice, all of these need the people’s inputs and vigilance to make it possible.

Few, if any, can deny the presence of money laundering as a way of national life within the last two decades. The period has shown persons allowed to establish businesses and/or engage in major projects with negligible legal oversight as to the source of funding.  The overwhelming presence of the narco-economy and efforts to launder it has too put the banking system at risk of losing its integrity and international business.  It is also believed that persons holding offices of repute have facilitated laundering through sale of properties, some to the tune of millions of U.S. dollars.

This unfortunate side of Guyana’s history and failure to adequately enforce a proper anti-money laundering measures in 2009 resulted in the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF) taking action in 2014 to bring about compliance. It should also be remembered in 2011, as a result of Guyana’s inaction, CFATF ranked the country a jurisdiction with significant strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law.

Guyana’s move to achieve compliance was made possible with the  June 2015 passage of the AML/CFT (Amendment) Bill and assent into law, which in October and November 2016 saw the country’s removal from FATF and CFATF’s monitoring respectively. To listen to Leader of the Opposition Bharrat Jagdeo’s views on Guyana’s present status in the  INCSR, who and what he thinks are responsible for the stain, without knowledge of history and the role his government played, it would be felt the country achieved the disreputable status in the last two years.

Had the Jagdeo government in 2009 sought to comply with international requirements, Guyana could have avoided the 2011 and 2014 embarrassment.  The PPP/C government from 2009 to almost all of  2011 was not only in charge of the Executive, but also held the majority in Parliament. There is absolutely no excuse for non-conformity to meeting international requirements outside of inaction to maintain the false perception that the buoyancy of the economy was legitimately driven.

General and Regional Elections were held on 28th November, 2011, when the PPP/C lost control of the Parliament.   The new parliament was sworn in January 2012. And where the excuse is made that the amendment to the AML/CFT did not pass because of the Opposition majority, this too is the responsibility of the PPP/C Donald Ramotar government. Review of the debates at this time saw the opposition using its majority to have government appoint the Public Procurement Commission as a condition to support the Bill. This should not have been a difficult undertaking given the abuses in the tendering process and Guyana being ranked the most corrupt country in the English-speaking Caribbean. Concern about good governance and ensuring a positive image for Guyana would have seen acceptance of the Opposition’s request.

The 2017 Report would be based on what obtained in the past. Efforts from June 2015, in 2016, and presently to stem the flow of money laundering have significantly improved compared to pre-11th May 2015.  Though more work remains to be done, in order that Guyana not to be unfavourably viewed in the INCSR, strengthening the banking system, the Financial Intelligence Unit, and liked institutions were obviously noted by the external monitoring agencies.

None could deny there must remain continued vigilance — including enforcement of the law — to eliminate money laundering, but to pretend the 2017 reference is the result of current action by the APNU+AFC government is stretching the incredulous too far.  There is growing evidence that the new regulatory institutions and enforcement are aiding the elimination of the underground economy or pushing it further underground. Continued success relies on the support of every citizen playing his and her role not only as watchdogs and cooperating with legal requirements, but also ensuring they are not ensnared in any act helping those who engage in illegal activities. The 2018 INCSR must record record improvement.