THE Aircraft Owners Association of Guyana (AOAG) fully endorses the statements which have been issued by the Private Sector Commission, the Guyana Manufacturing and Services Association and the Guyana Association of Bankers on the Anti-Money Laundering and Countering the Financing of Terrorism Legislation (AML-CFTL).

The Aircraft Owners are satisfied that the failure of the National Assembly to enact this legislation in accordance with the timelines which have been set by the Caribbean Financial Action Task Force (CFATF), places the country and Guyana’s people at significant risk of being seriously penalised in conducting everyday financial business.
In a statement last evening, the AOAG emphasised that the delay in enacting this legislation by the National Assembly , and the probable punitive consequences for the country which will follow, will affect every organisation and, indeed, every individual without exception, and will do appreciable harm to Guyana’s economy and Guyana’s international reputation.
“In the case of the business of civil aviation, which is entirely dependent on the importation of aircraft spares and aircraft for its operations, any significant delay in the transfer of monies through our banking system would very quickly result in crippling the country’s aviation services and, in turn, domestic freight and commercial services to hinterland communities, mining, forestry and other essential service,” the statement continued.
“The AOAG urges the members of the National Assembly to set aside their political differences in addressing their greater responsibility to the nation. We urge them to enact this essential legislation immediately. We further urge them to ensure that, once enacted, the necessary administrative measures are put in place to enforce the laws governing and protecting our country from money laundering and the financing of terrorism,” the statement concluded.