DURING the final Town Hall meeting on the Anti Money Laundering and Countering the Financing of Terrorism (AMLCFT) Amendment Bill, residents of Bartica, Region 7, expressed strong sentiments against proposals made by the coalition A Partnership For National Unity (APNU).

When the meeting was convened on Friday at the St John the Baptist School, Minister within the Ministry of Finance, Juan Edghill, and Minister of Legal Affairs, Anil Nandlall, provided Barticians with critical details of the bill.

Minister Edghill, who sought to apprise the mining community of the status of the bill, explained that the Select Committee is currently working towards yet another deadline, in keeping with requirements of the Caribbean Financial Action Task Force (CFATF).
“Because of our lobbying, we have earned ourselves some more time, and we are slated for a review in May,” he said. “But the fact of the matter is (that), in order for us to be reviewed, we have to make a submission on February 28, indicating to the Financial Action Task Force (FATF) what steps we have taken to correct those deficiencies in the Bill,” Minister Edghill disclosed, as he added that a commitment has been made to the financial body, and it is expected that the Government would make available in that report an assented copy of the bill.

However, should the bill not be passed, “The first thing that will happen is that the CFATF will put out an advisory saying that we are not a country that has sufficient legislation to fight money laundering, and this will cause banks in other countries that have legislation to start looking with extra care when dealing with businesses from Guyana”.
Minister Edghill pointed out to residents how the non-passage of this bill has already started to affect the country in terms of several road construction projects being stalled. “Right now, there is a shortage of stones for the construction of roads. We have awarded 165 contracts to about 35 contractors… There is no stone, and the Ready Mix Company wants to buy stone and he wants to transfer money to St Vincent”. This, the minister said, is just a start of the trickle-down effects the non-passage of this bill would have.

“If Guyana is blacklisted, it will affect all Guyanese. All foreign direct investments will be affected. Companies which plan to come and companies that are already operating in Guyana will not stay, because they will have difficulties in their financial transactions,” Minister Edghill said.

Legal Affairs Minister Anil Nandlall also emphasised the devastating effects the non-passage of this bill would have on all Guyanese. “It is so important that we come to you in person to clarify any issues you may have about the bill, so that in the end, whatever the outcome, we in the Government must, with a clear conscience, say to ourselves we did our best and all we could have done,” Minister Nandlall said.

“The devastation that will befall this country — the adverse effects that will be unleashed and the economic stagnation that will follow if this bill is not passed — will not discriminate in its effect,” Minister Nandlall said.

He reiterated that not only will Government supporters be affected, but Guyanese from all walks of life, economic and social standing and geographic location. “Because the world that we live in is a global village, countries can no longer isolate themselves from each other or from the rest of the world. Whatever happens in one part of the world, we feel it here because we all depend on each other. That is how small the world has become,” he reminded the residents of Bartica.

Touching on the contentious issue of the recent proposal made by the Opposition, which seeks to give police and customs officers the power to stop, search, seize and arrest citizens found with currency totalling $2M should they have reason to suspect any actual or impending involvement with money laundering, the minister said this is a move to criminalise each citizen.

“Why are we going to put that in the law of this country? It is not (in) the law of any country. How can you make money illegal in your country? I have said we live in a cash-driven society; we don’t have plastic cards… Are we going to criminalise our people for the money that they earned? There was a time this had happened because of what we eat, and now again we are going to be made criminals because of what we earn.”

Minister Nandlall told residents that if they do not speak out against the amendment, it will become the law of Guyana.

Responding to questions from residents about how they can have their say in the passage of the bill, the minister told residents that they can get in touch with their political party representatives or pen letters to their leaders in order to have their voices heard.

The passage of the AML/CFT Bill has been in limbo for more than 10 months, receiving very little, if any, support from the Opposition. As part of the Government’s effort to get Guyanese involved in the process of the bill’s passage, two other town hall meetings have been held in Regions 10 and 6.

(GINA)