…in regard to non passage of AML/CFT legislation

“THE HEALTH and strength of (its) financial system is something that no responsible country should trifle with, (and is something) that no responsible leadership should trifle with.”That was the caution Finance Minister Dr. Ashni Singh gave to his audience of business sector representatives during the Guyana Manufacturing and Services Association (GMSA) Ltd’s luncheon, held on Thursday at Duke Lodge, Kingston, during which the minister remarked that the integrity of Guyana’s financial system is a public good which ought to be jealously guarded.

Speaking in reference to non passage of the Anti Money-Laundering and Countering the Financing of Terrorism Bill (AML/CFT), Dr Singh contended that the membership of the business organisations represented at the meeting were already feeling the effects of the preliminary advisories issued by the Caribbean Financial Action Task Force (CFATF), which at the time of the statement was considering Guyana’s current circumstances in regard to the non-passage of that integral legislation.

The minister noted that, depending on what the statement says, the ease with which business is done by the entities could, and would, be significantly affected. He urged the Private Sector members to articulate their interests and make clear the possible implications of the non-passage of the AML/CFT Bill on their productivity and competitiveness.

Dr. Singh contended that passage of the AML/CFT Bill ought neither be a political issue nor a matter of clout by two parties competing for political space. Instead, profitability of Guyanese-owned businesses, creation of jobs, and safeguarding the incomes of members of the labour force should be the primary considerations.

“It’s an issue that goes to the core, the heart, the soul of the well-being of people in Guyana”, the Finance Minister said.

He also said the issues of the AML/CFT and the CFATF go to the core of local and regional competitiveness, because a competitive Guyana contributes to a more competitive Caribbean just as a more competitive Trinidad and Tobago contributes to a more competitive Caribbean.

“We in the Region must work more closely together to achieve a more competitive Region as a whole, and more competitive national jurisdictions and economic spaces individually”, Finance Minister Dr Ashni Singh added.

Within hours of the Finance Minister addressing the Business Sector representatives at that luncheon, the Caribbean Financial Action Task Force (CFATF) released a statement declaring Guyana a risk to the international financial system.

CFATF urged other nations of the world to implement whatever measures are deemed necessary to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana, even as the body further referred Guyana to the attention of the Financial Action Task Force .

(By Derwayne Wills)