MINISTER of Finance Dr. Ashni Singh has issued a call for Guyanese to rise above partisan politics, particularly when it comes to matters such as the protection of international credibility of the country’s financial system.

Speaking at the commissioning of Republic Bank’s Lethem branch on Saturday, the minister said the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) (amendment) Bill, which is now languishing before a parliamentary select committee despite a looming deadline, is by no measure contentious and should have benefited from smooth passage in the National Assembly.

“This is a matter that affects everyone, and it is of sufficient importance to the strength and stability of our financial system as not to be made subject of a political contest. There are certain things that must be guarded and placed at a level of priority beyond partisan politics,” the Finance Minister stated.
He spoke of the well-managed, sound financial sector that has contributed significantly to economic growth; but noted however, that this stability cannot be taken for granted.
The AMLCFT (amendment) Bill was tabled on April 22 in the National Assembly, and was sent by the parliamentary Opposition to a select committee.
Commercial banks and other financial institutions are all part of an international financial system that has established rules and standards that must be adhered to. Guyana’s financial system was reviewed by the Caribbean Financial Action Task Force (CFATF) which identified some deficiencies.
The country has since made significant progress in correcting the non legislative aspects which were about 20% of the CFATF’s recommendations.
“We have tried as a Government to have the select committee and meet as frequent as possible and for as many hours as possible…,” Minister Singh lamented.
The committee last met on October 14, which, like previous meetings, saw the Opposition continuing with various delaying tactics.
Minister Singh explained that the world is so interconnected that people are directly affected by developments that are taking place literally on the other side of the globe in ways that they do not realise.
Guyana stands to be affected by various sanctions if the bill is not passed before November 18, 2013. The CFATF will call on its members to consider implementing counter measures to protect their financial systems.
This would result in credit card and trade financing transactions and even simple remittance transactions becoming more time-consuming and costly among more serious consequences. (GINA)