GUYANA is due to submit to the Caribbean Financial Action Task Force (CFATF) multilateral evaluation mechanism an update today and Cabinet Secretary and Head of the Presidential Secretariat, Dr. Roger Luncheon has advised that the deadline will not be met as a consequence of the deliberate actions of the parliamentary opposition parties.

Dr. Luncheon was at the time addressing his weekly post-Cabinet media briefing at the Office of the President (OP) on Shiv Chanderpaul Drive, Georgetown.
The HPS explained that the update advises on action that had been taken by Guyana to address the recommendations by its evaluators, as they sought to remedy the deficiencies which were uncovered in Guyana’s Anti-Money Laundering and Combating the Financing of Terrorism compliance.
He noted that their recommendations spanned two groups: the parliamentary legislative and the non-parliamentary non-legislative groupings.
Dr. Luncheon further stated that the major focus for the nation has been on the parliamentary legislative aspects and added that the current situation is no doubt a reflection of the treatment of the CFATF’s declared deadlines by the parliamentary opposition.
“At the very last meeting before the onset of the parliamentary recess on August 9, the Parliamentary Special Select Committee that was considering the Anti-Money Laundering and Combating the Financing of Terrorism Amendment Bill resolved despite the objections of the MPs from the governing PPP/C to adjourn until the end of the parliamentary recess in October,” he said.
He advised that the opposition members on the committee turned out “in full force” at that meeting which he said, as records would show, is an unusual turn out. According to him, this was essentially to ensure that the adjournment was voted for.
“Consequently Guyana will not meet the deadline that has been made known publicly by the CFATF for submission of the parliamentary component of its contribution to remedying the deficiencies in its compliance,” he stressed.
The Cabinet Secretary stated that the opposition parties were well aware of the deadline since it was much advertised.
“One can only assume that the act by the parliamentary opposition was a deliberate act and one that was planned to ensure that Guyana would not meet the deadline and Guyana would stand the consequences of not meeting those deadlines,” he asserted.
Consequences
He added that the consequences now are seeking to affect the health and the operations of Guyana’s financial and banking system.
According to Dr. Luncheon, it is unquestionable that this was the desire and the intent of the parliamentary opposition in preventing the Amendment to the Anti-Money Laundering and Combating the Financing of Terrorism Act from getting the timely consideration of the National Assembly, and causing the country to fail to meet the CFATF deadline.
The amendments to the Act are necessary if Guyana is to comply with certain international recommendations made by CFATF on Anti-Money Laundering and the Financing of Terrorism.