THE situation created by the non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) (Amendment) Bills, according to Finance Minister Dr. Ashni Singh, is indicative of the “gravely debilitating” consequences of legislative stalemateSpeaking on Monday during his 2014 Budget presentation to Parliament, he said, “Our Constitutional framework has been put to the test.
“The boundaries of parliamentary norms and traditions have been stretched, new judicial interpretations have had to be sought and obtained, and legislative decision making in support of national development has become considerably more complicated and significantly more protracted than ever before.
“The headlines and conversations have been firmly seized and largely dominated by the more graphic parliamentary impasses, such as those on the Amaila Falls Hydropower Project (AFHP) and the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) (Amendment) Bills.
“These instances are illustrative of the gravely debilitating consequences of legislative stalemate.”
He explained that Guyana responded to recommendations made by Caribbean Financial Action Task Force (CFATF) by introducing into the National Assembly an Amendment Bill, which will address more than 90 percent of these recommendations made.
Singh said, “These amendments were reviewed by CFATF and it was agreed that they would effectively address the recommendations made. Other non-legislative recommendations have been addressed, such as the creation of a national oversight committee that will provide policy and guidance on money laundering and countering the financing of terrorism to the entire country.
“We have also initiated a mechanism that will work in conjunction with the Financial Intelligence Unit (FIU) and law enforcement authorities to investigate special financial crimes.”
The Minister maintained that the FIU is working with co-operatives, friendly societies and credit unions to oversee them in the fulfilling of their obligations as reporting entities as well as in conjunction with the supervisors of gold dealers, dealers in precious metals and casinos to ensure their compliance as reporting entities. M
“Efforts will continue to aim at persuading this Honourable House to enact the amendments that address the CFATF recommendations forthwith,” he said.
The Parliamentary Special Select Committee reviewing the AML/CFT Bill met yesterda, to continue its work.