PRESIDENT Donald Ramotar last Saturday expressed his “extreme concern” over the continuing delays with the passage of the -Money Laundering/Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill and the fact that the Parliamentary Special Select Committee reviewing the Bill has not been meeting.

“I am extremely concerned about this. It is important for us. It is a very serious issue,” he told reporters at a news conference at State House.
Mr. Ramotar stated that the current Administration continues to advance efforts to improve Guyana’s AML/CFT framework, as it relates to non-legislative actions to ensure Guyana’s compliance with international standards.

NO MEETINGS
Chair of the Committee, Ms. Gail Teixeira, told the Guyana Chronicle last week that she has again been unable to get the combined Parliamentary Opposition to meet before the National Assembly goes into recess on August 8.
“I have been trying to get a meeting of the Committee for weeks now,” she said. “I suggested July 8 and 10, but was told that the PNCR (People’s National Congress/ Reform) will be hosting its Congress. The last date I suggested was July 30, after the Congress, but Mr. Williams has said that the Opposition will be unavailable to attend any meeting prior to recess. He also said that Mr. Ramjattan will be out of the country during the time suggested for the meeting,” Teixeira had said.
Without a meeting of the Committee to conclude its review of the AML/CFT Bill, its passage remains in limbo, even in the face of possible international sanctions for Guyana.
The President noted that he was surprised at the nonchalant disposition of the combined Opposition, A Partnership for National Unity (APNU) and the Alliance For Change (AFC), given that Guyana will be taken up for review by the Financial Action Task Force’s (FATF).

IMPORTANT REVIEW
FATF, earlier this month, officially confirmed its decision to commence a targeted review of Guyana, in a letter dated July 9, 2014, 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. According to FATF, 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.”
Guyana, according to the letter, will be given an opportunity to review the draft targeted review and to have a face-to-face meeting with the ARRG.
At its next meeting on 20th -24th October, 2014 in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review. If Guyana is deemed non-compliant a public statement from FATF to its member countries will be issued at that meeting advising recommended sanctions against Guyana.
Written By Vanessa Narine