He cited the Bank of Guyana 1995 and 1998 Acts and subsequent amendments which replaced an outmoded and irrelevant regimen; the Financial Institutions Act of 1995 still in force; the Anti-Money Laundering Act and Countering the Financing of Terrorism Law and Money Transfer Agencies Licensing Act, all of which strengthened and modernised the financial system.

Singh said the result is a robust framework, under which the country’s financial system operates with striking growth, without compromising stability and integrity.

The Bill now before the House also has provision for licensing of credit bureaus by the Bank of Guyana, stipulates that only a locally incorporated company limited by shares, whose activities are restricted by its articles of incorporation to operate a credit bureau, would be eligible to conduct such a business.

It also sets out the licensing procedures and establishes specific criteria governing the form and content of a licence application while providing for the circumstances in which the grant can be revoked and the process for the licensee to respond prior to revocation.

A section provides for the customer to have, among other things, the right to receive copies of all the information in the individual’s file at the credit bureau, all the sources of such information and a list of the users who have accessed the information, during the six month period prior to its provision.

It also gives a consumer the right to challenge the information on the grounds that it is illegal and modify or delete any of it, depending upon the outcome of an investigation.

A procedure for the resolution of disputes, the unauthorised disclosure of credit information, obtaining it under false pretence and other breaches are dealt with in other parts of the Bill that confers, on the Central Bank, the broad authority to prescribe regulations and issue notices or guidelines in a number of areas.