…cash seizure only at ports of entry and exit
Prominent business magnate Dr Yesu Persaud, yesterday, called for the passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Bill.His sentiments as a concerned Guyanese citizen were penned in a letter addressed to President Donald Ramotar, Leader of A Partnership for National Unity (APNU) and the Alliance for Change (AFC), David Granger and Khemraj Ramjattan, respectively.

The letter was largely in support of Government’s position regarding the amendments to the bill including his recommendation that cash seizures be done only at ports of entry and exit. This is contrary to the Opposition’s proposal that the police or customs officer can stop and seize currency from any citizen in possession of M$2 and over.
The letter to the political leaders, which was seen by the Guyana Chronicle said, “I am deeply concerned about the delays in
passing the amendments to the Anti-Money Laundering/ Countering the Financing of Terrorism Bill 2009(AML/CFT) that are necessary for Guyana to comply with international standards.
“…it is my understanding that non-compliance to these standards will bring significant burdens on local businesses and their customers if counter measures are applied by our international trading partners as a result of Guyana appearing on any ‘watch list’.”
According to him, in the financial sector, Guyana is already known as a high risk and low margin market by the country’s international counterparts and any further deterioration of their margins or increase in risk may result in their withdrawal of service entirely.
He said, “I take note of the work of the Parliamentary Select Committee and the fact that the original amendments in the bill placed before them were all accepted after some corrections were made.
“I further note that these amendments are sufficient to comply with the minimum standards of the Financial Action Task Force when passed and will result in compliance from the legislative perspective.”
The private sector veteran stressed the urgent need for the Bill to be passed.
RECOMMENDATIONS
Persaud suggested that, with regard to the proposed amendments by APNU, compromises should be the focus of those at the negotiation table.
To this end, he made four recommendations that addressed issues ranging from the appointment of a Money Laundering Authority or Board to cash seizures.
“The idea of having a Money Laundering Authority or Board is a good one. However,
its members should be independent and appointed on technical and professional
merit only,” Persaud said.
He added that the recommendation to have a parliamentary appointments committee select the Director of the Financial Intelligence Unit (FIU) has several limitations and may impede on the objectivity and effectiveness of the unit.
However, Persaud made it clear that the Authority mentioned above should serve as the Board of the FIU and will be responsible for the appointment of the Director as in the manner of the Board of a Company appointing a CEO.
“The Authority should be responsible for governance and oversight of the work of the FIU. It is my understanding that the FIU is not a law enforcement agency but an intelligence gathering agency supporting the Police and the Public Prosecutors in their law enforcement and justice efforts,” he said.
On the issue of cash seizures, Persaud disagreed with the APNU’s proposals and recommended that this be done at the points of entry and exit of the borders, as is currently allowed by the AML/CFT Act of 2009 and recommended by FATF standards.
He said, “If cash seizures are necessary for persons being investigated or under suspicion of money laundering within the borders, I recommend that the Police or Prosecutors obtain an Order of a Court issued by a Magistrate or Judge.”
POLITICAL DEMANDS
Persaud decried the fact that the Opposition is seeking to extract “political gains” from an issue of such national importance.
He said, “I wish to further state that issues requiring compliance to international standards and conventions, when used as bargaining tools in the local political arena to extract political gains or wins from each other are dangerous and threatens the reputation of the country as a whole.
“Regardless of the positions we take locally, on the international scene we are only seen as Guyana, irrespective of which party is in Government or Parliament.”
The private sector stakeholder reiterated his call for the passage of the AML/CFT Bill and called for the combined Opposition to reconsider their positions.
“The amendments required to be passed for the AML/CFT Act of 2009 should not be
tied or made conditional on any other local political objective being accomplished.”
Persaud expressed his optimism in the possibility that other opportunities can be used for such negotiations.
“I urge the parties addressed in this letter to pass the amendments necessary to comply with the
legislative requirements of the FATF Standards, and to implement those standards rigorously to root out from our society the use of proceeds derived from criminal activities,” he said.
The Parliamentary Special Select Committee, where the Bill is currently, meets again on March 25, while the National Assembly is expected to sit on March 27.