–PSSC Chair, Gail Teixeira

THE fate of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill is now being questioned anew, given the submission of a no-confidence motion by the Alliance For Change (AFC) to the Clerk of the National Assembly, Mr. Sherlock Isaacs.

Chairperson of the Parliamentary Special Select Committee reviewing the AML/CFT Bill, Ms. Gail Teixeira, told the Guyana Chronicle that the minority AFC and the main Opposition, A Partnership for National Unity (APNU), must explain their positions on the matter.

She said, “They also have to explain their stance over the no-confidence motion. Does that mean they will not come to any committee meeting? Does that mean the bill will be left dangling there with the FATF review coming up? They have to explain their position in light of the AFC’s no-confidence motion. And what will happen with the Committee? Are they going to let the Committee not function and put Guyana in worse trouble?”

She said that another notice for a meeting of the Committee has been responded to negatively, with no meetings having been held since June.

“The notice for a meeting on October 10 went out… I think that it is inexplicable, the non-availability, or the unavailability, of the Opposition members to respond to the request for meetings of the Select Committee,” Teixeira said.

The last suggested dates for meetings of the Committee were July 8, 10 and 30, all three of which were rejected.

“They are fully cognisant of its importance to the country, and they have to explain to the public this kind of behaviour,” Teixeira, Chairperson of the committee, said.

Earlier this month, the Financial Action Task Force (FATF) officially confirmed, in a letter dated July 9, 2014, its decision to commence a targeted review of Guyana prior to its October 2014 plenary meeting,
and the international watchdog body made it clear that the purpose of this targeted review will be to examine the most significant deficiencies in Guyana’s AML/CFT framework that pose a risk to the international financial system.

FATF has said that its review will identify steps that should be taken to address those deficiencies through the development of an action plan.
FATF said in its letter: “This review will be conducted by the International Co-operation Review Group (ICRG), Americas Regional Review Group (ARRG), co-chaired by Ms. Darlene Boileau (Canada) and Ms. Maria Fernanda Garcia-Yrigoyen Maúrtua (Peru).

“In our capacity as ICRG Co-Chairs, we now request your full cooperation in assisting the ARRG to conduct this work, including by providing up-to-date information on your jurisdiction related to AML and CFT issues, as requested by the ARRG co-chairs.”

The letter indicated that Guyana would be given an opportunity to review the draft targeted review and to have a face-to-face meeting with the ARRG, which is expected to happen sometime in September.

At its next meeting on October 20/24, 2014 in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review.

(By Vanessa Narine)