THE Caribbean Community (CARICOM) is the most recent body to appeal for “all necessary” action to ensure that Guyana is compliant with Caribbean Financial Action Task Force (CFATF) requirements.
In a missive Tuesday, the body said, “CARICOM is concerned at the continuing delay in Guyana’s progress towards implementing recommendations to address deficiencies in its anti-money laundering regime.”CARICOM stressed the need for all parties involved in the process to take “all necessary” actions, without further delay, to have the required reforms implemented.

The body also bemoaned the consequences of the non-passage of the Anti-Money Laundering/Countering the Financing of Terrorism (Amendment) Bill in the National Assembly.

According to CARICOM, the “adverse impacts” on non-passage of the Bill could result in not only a toll on the local economy but on the CARICOM Region as a whole.

“Any action that reduces the ease or increases the cost of processing international financial or trade transactions will adversely affect trade and financial flows in the Region, retard the regional integration enterprise, limit the opportunities for growth in Guyana and the Region and result in hardship for the people of Guyana,” the statement said.
CARICOM stressed the need for a speedy resolution to allow for enactment of the AML/CFT legislation, in the interest of the people of Guyana, as well as the people of the Caribbean Community.

MISSED DEADLINE
The Parliamentary Special Select Committee, on Monday, failed to conclude its work, as it relates to finalizing the AML/CFT Bill and the Committee’s report.
As a result, Guyana is very likely to miss today’s deadline as set by the Financial Action Task Force(FATF).
FATF’s February meeting, which started on Sunday, concludes today, which is the day Guyana is expected to be up for review.
Guyana, according to a statement from FATF at the end of January, has been listed as the Number One country in the Americas that could be taken on by the International Cooperation Review Group (ICRG) for review and possibly, further sanctions.
According to the statement, Guyana scored 8.125 out of 10 points, the latter being the worst in terms of compliance.
Guyana shares the 8.12 rating with one other country in the list of the jurisdictions in the ICRG-pool in the Africa/ Middle East and Asia/ Pacific regions.
The Select Committee was expected to meet again Tuesday, and the National Assembly, after Monday’s sitting, is not scheduled to meet again until February 27, thereby making passage of the Bill before the review impossible.
The ongoing debate at the Committee level revolves around, not the Bill, but proposals for amendments to the Principal Act, which were unable to be drafted into amendments by the Office of the Chief Parliamentary Counsel, given their late submission by A Partnership for National Unity (APNU) Committee members.
The amendments seek to change the entire governing apparatus of the Financial Intelligence Unit (FIU); remove the words Attorney-General wherever they appear, and replace them with the acronym, FIU; and vest a police or customs officer with power to seize currency from any person, anywhere in Guyana, if those officers have reason to believe that the currency is the proceeds of criminal activities, or will be used to finance the commission of such activities.
Government members on the Committee contend that there is no disagreement by the collective on the Bill itself and there should not have been a delay in having the Bill being put to the House at Monday’s sitting.
Opposition members, on the other hand, argue that a complete Bill should be put to the National Assembly and are holding out for the amendments to be included – amendments which Government members say are problematic.
An advance in the face of this current impasse is much desired by major local stakeholders, as well as representatives in the diplomatic corps. However, the current position of the work of the Committee leaves much to be desired.
Written By Vanessa Narine