THE Parliamentary Special Select Committee reviewing the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill is yet to reach agreement on the date for its next meeting, Committee Chairperson, Ms. Gail Teixeira reported on Thursday. 

With their last meeting being over a month ago, she told the Guyana Chronicle that she has since called for a meeting on July 30, but to date she has had no response from the members of the combined Opposition, A Partnership for National Unity (APNU) and the Alliance for Change (AFC), who have representatives on the Committee.
“All of our efforts have been futile; there has been no progress. I have called a meeting, but we are in a position where we have to wait and see what happens,” Teixeira said.
The Financial Action Task Force (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 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’s letter said: “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 20-24 October, 2014, in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review.
The National Assembly goes into recess from August 10 until October 10, leaving Guyana with less than a month to make a move that can bolster Guyana’s case when FATF commenced its review.

(Vanessa Narine)