LAST Thursday, the Paris-headquartered Financial Action Task Force (FATF) accepted a recommendation from the Port-of-Spain-based Caribbean Action Task Force (CFATF) to extend the deadline for a final decision on Guyana’s compliance with required legislation to combat money laundering and financing of terrorism.This positive development, therefore, sparks hope that the opposition parties, APNU and AFC, would now desist from further withholding of support for parliament’s approval of the ‘money bill’ they have been virtually kicking around for months.    The simple truth is that these two parties are fully aware that however much they are opposed to the PPP-led government, passage of the AML/CFT Amendment Bill is far too vital for Guyana’s future in the avoidance of punitive “blacklisting” sanctions should they stick with their refusal to enable parliament’s approval.
The CFATF deserves to be commended for its own efforts in seeking an extension of time for the FATF’s ultimate decision-makers to provide further space for serious efforts to achieve passage of the required legislation.
The government has itself done well in publicly commending the goodwill shown towards Guyana by regional (CARICOM) and hemispheric-wide (OAS) organisations, as well as accredited diplomatic representatives who have been forthcoming like, the local business community, labour unions and patriotic Guyanese across the political divide.
The FATF’s ultimate decision-makers, located among the 34 member nations of the Organisation for Economic Cooperation and Development (OECD), would have taken note of such goodwill interventions and specific efforts by the Guyana Government to secure cooperation from the opposition for passage of the vital legislation.
It is not yet too late for this cooperation to be forthcoming in Guyana’s interest. We, therefore, look forward to a new round of negotiations between the government and parliamentary opposition to bring an end to the prevailing impasse over passage of the AML/CFT (amendment) Bill—ahead of Guyana’s official celebration of its 44th anniversary as a constitutional republic.