GUYANA’s team to the ongoing Caribbean Financial Action Task Force (CFATF) plenary in Miami, United States of America, headed by Attorney-General and Minister of Legal Affairs, Anil Nandlall, were engaged in meetings yesterday.And the AG, last evening, told the Guyana Chronicle that Guyana is most likely to be referred to the international body, the Financial Action Task Force.
“From all indications, it does not look optimistic and Guyana’s referral to FATF by CFATF appears to be a virtual certainty,” he stressed.
Nandlall added that among the many issues raised during the meeting was the fact that 90 percent of the deficiencies in the local Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework identified are legislative in nature.

CFATF has stated that Guyana must therefore pass the relevant legislation and implement all the outstanding issues within its Action Plan including:
1) fully criminalising money laundering and terrorist financing offences;
2) addressing all the requirements on beneficial ownership:
3) strengthening the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets; and
4) fully implementing the United Nations conventions.
The regional body blacklisted Guyana regionally last November at its 38th plenary meeting, issuing a missive which called for its members to “consider implementing counter measures to their financial systems from the ongoing money laundering and terrorist financing risks” emanating from Guyana.
“Guyana has made efforts to address its deficiencies, however, it has not taken sufficient steps towards improving its AML/CFT compliance regime by failing to approve and implement required legislative reforms,” the regional body said.
While Government contends that these deficiencies were wholly addressed in the AML/CFT Amendment Bill, it has still not received the support of the combined Opposition, A Partnership for National Unity (APNU) and the Alliance for Change (AFC), both of whom have attached conditions in exchange for their support.
APNU has proposed three amendments that proffer a change to the entire governing apparatus of the Financial Intelligence Unit (FIU); removal of the Attorney General wherever that name appears and replacement of it with the FIU and vesting a Police or Customs Officer with the power to seize currency from any person, anywhere in Guyana, if those officers have reason to believe that it is the proceeds of crime or will be used to fund criminal activities. The party is also calling for President Donald Ramotar to assent to Bills passed in the National Assembly, through the Opposition’s one-seat majority, but the Head of State has explained that they are unconstitutional.
The AFC, which has expressed support for APNU’s position, is demanding the establishment of the PPC (Public Procurement Commission), which Government has agreed to, providing that Cabinet retains its no-objection role in the process; but the latter position has been rejected by the AFC.
With neither of the two Parliamentary Opposition parties budging on their positions, the Attorney-General, on behalf of the Government, earlier this month forwarded counter-proposals in the interest of ensuring that the amendments made are CFATF compliant and to move towards a compromise.

FATF MEETING
These counter-proposals are being considered by the Parliamentary Select Committee, which has been reviewing the AML/CFT Bill for more than 12 months and held its most recent meeting last Thursday, May 22.
If the Committee were to complete its work before the next scheduled sitting of the National Assembly, June 19, the Financial Action Task Force’s next Plenary meeting is slated for June 23 to 25, 2014 in Paris, France.
The ongoing meeting of CFATF ends on Thursday, at which time a final decision can be taken to send Guyana to the Financial Action Task Force’s (FATF), for review by the International Cooperation Review Group (ICRG).
If that is done, Guyana could face further sanctions, including being put on the international blacklist.
“Guyana should know its fate by Wednesday evening,” Nandlall said.
CFATF is an organisation of twenty-nine jurisdictions of the Caribbean Basin Region, which have agreed to implement the international standards for AML/CFT, as well as recommendations of the international body, FATF.

(By Vanessa Narine )