EXECUTIVE Chairman of the Guyana Office for Investment (GO-Invest) Mr. Keith Burrowes is calling for “better judgment and a sense of patriotism” to prevail from Guyana’s Parliamentarians, especially those in the Opposition, so as to allow for the much anticipated and expeditious passage of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) legislation.

Burrowes is the latest to join the growing list of individuals, groups and organisations to condemn the lack of consensus among Parliamentarians and the adverse effects that the Bill’s non-passage will have, including the ‘blacklisting’ of Guyana.
He pointed out that regional and international implications of a negative characterisation of Guyana, as stated by the Caribbean Financial Action Task Force (CFATF) and the French-based international body, the Financial Action Task Force (FATF), have already been evidenced in the local financial sector.

Future pronouncements by these bodies, he added, will only serve to cement the negative perception held on the international scene, particularly by foreign investors.

The GO-Invest Chair stressed that Guyana’s ability to attract foreign direct investment plays a quintessential role in assisting in the improvement of the local economy, which recorded a five per cent growth rate in 2013 – ahead of regional counterparts.

Burrowes stated that the private sector drives growth and introducing challenges to their access of foreign investment will greatly undermine their efforts.

Burrowes said GO-Invest, which is the country’s primary contact for investors and exporters, is currently undergoing an intense process to modernise, with the aim of bringing it more in line with other more developed countries. The investment agency liaises, on behalf of investors and exporters, with government ministries and other agencies in an efficient and effective manner and facilitates and expedites the processing of applications for concessions and other government support.

And it is intrinsic to the nature of the work of GO-Invest that Burrowes said investors, especially new and potential ones, are all raising concerns about the possible devastating implications of the non-passage of the AML/CFT bill.

“I would like to make a special and desperate appeal, especially to the political Opposition, to try to resolve this matter as early as possible in the interest of all Guyanese,” Burrowes commented.

Burrowes said efforts are being made to educate the senior staff members of GO-Invest on the ramifications and effects that the Blacklisting of Guyana would have on investors. This, he said, would enable staffers to better respond to the influx of queries and concerns from investors, most of whom are genuinely worried about the negative effects this would have on the local investment climate.

Alluding to the fact that Guyana’s investment climate has improved tremendously in recent years, Burrowes said it would be a crying shame if this progress is destroyed due to politicians playing ‘tit-for-tat politics’ at the expense of investors, citizens and the nation as a whole.

“I am of the view that this is not something we should play around with because this issue not only has major national implications, but also dire global consequences,” Burrowes posited.
He is also worried about the devastatingly negative impact on foreign investors, especially at a time when Guyana’s investment climate is at an all time high.

“I believe there are some issues that directly relates and affects the nation that we should not politicised…,” he asserted.

Burrowes noted that if Guyana, again, fail to meet the next CFAFT deadline, then the
average Guyanese will face the full impact of the penalties for a long time, impacts which promise to disrupt both the lives and livelihoods of citizens.