– stakeholders weigh in on re-tabling of bill

THE Government will return the Anti-Money Laundering and Countering of the Financing of Terrorism (AML/CFT) Bill to the National Assembly tomorrow and stakeholders in the private sector have called for an end to the political rhetoric over its passage.President of the Georgetown Chamber of Commerce and Industry (GCCI), Clinton Urling told the Guyana Chronicle that Guyana is now back to “square one” and there needs to be strong leadership to ensure the Bill’s passage this time round.

There needs to be strong leadership to ensure the AML/CFT Bill’s passage this time round – Clinton Urling

According to him, if a consensus cannot be reached, politicians should meet in the middle, particularly considering the new deadlines facing Guyana and the risks at stake.
“Nothing has changed right now. What we want is an end to the political rhetoric so that the Bill is passed by the House,” Urling said.
Private Sector Chairman (PSC), Ronald Webster, reiterated similar sentiments. He pointed out that the Commission’s position on the matter was clearly expressed in its petition to the National Assembly, but the joint-Opposition voted against it being read in the House.
Webster added that with the Bill returning to Parliament, there must be some give and take to ensure its passage.
According to him, the issue is a complex one and there is a lack of understanding surrounding the ramifications of its non-passage.
“Once you are in business you understand the complications,” he said.

If we do not take action (to pass the AML/CFT Bill) we will cause Guyana to become an outcast in the global financial sector – Ronald Webster

The PSC Chair pointed out that Members of Parliament (MPs) should look at other countries, including Trinidad and Tobago, to understand the consequence of the Bill’s non-passage.
Webster said: “If we do not take action we will cause Guyana to become an outcast in the global financial sector.” He stressed that primarily the negative impacts on foreign and local investments must be noted.
“What we will see is people will not want to invest and local people with money to invest will move their money elsewhere and this is important to note because it can impact our currency,” Webster said.
He maintained that the issue at hand is “much more complex” than it appears at the surface.

Webster said the PSC will be engaging the political parties in order to make clear the stakes involved with the passage of the critical piece of legislation.
Since missing the November 18 deadline, the Caribbean Financial Action Task Force (CFATF), at its plenary meeting, warned its members to “consider implementing counter measures to their financial systems from the ongoing money laundering and terrorist financing risks” emanating from Guyana.
The French-based Financial Action Task Force (FATF) is expected to hold a review in February, which Guyana could be included in, following CFATF’s designation of Guyana as a country with strategic anti-money laundering and countering the financing of terrorism deficiencies that has not made sufficient progress in addressing the deficiencies and have not complied with its Action Plan developed with CFATF to address these deficiencies.
CFATF itself is expected to review Guyana’s position in May 2014 at its next meeting. If Guyana is unable to meet the May 2014 deadline, the body is expected to hand Guyana over to the Financial Action Task Force for the International Cooperation Review Group’s (ICRG) evaluation to begin.

(By Vanessa Narine)