Dookhoo assures Private Sector support for anti-money laundering

PRESIDENT of the Caribbean Association of Industry and Commerce (CAIC), Mr. Ramesh Dookhoo, has challenged the Opposition in the Guyana Parliament to table any anti-corruption piece of legislation in the National Assembly and he will ensure the Private Sector supports it. He said while the Opposition has continued to “scream that the Government of Guyana is corrupt” that has not been proven.

As such, Dookhoo is urging the Opposition to present an anti-corruption piece of legislation to support their claims and assured that it will be supported not only by him, but the Private Sector.
Commenting on the effective blacklisting of Guyana after it was referred to the Financial Action Task Force (FATF) by the Caribbean Financial Action Task Force (CFATF), he maintained that passage of the law has become a political bargaining chip.
Dookhoo said that Caribbean countries, particularly Trinidad and Barbados, have expressed apprehension in relation to Guyana’s blacklisting and pointed out that his entire governing unit is disgusted with the non-passage of the bill, stressing that the Opposition “shows no concern.”
He contended that the financial sector will be severely affected negatively and some bank chairmen have already contacted him relating their issues.
The CAIC President noted that money laundering and drug trafficking go hand in hand and counter measures against Guyana will be put in place by other countries due to its refusal to pass the bill.
Last Thursday, the CFATF, in its pronouncement, detailed the counter measures that can be implemented by its members to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.

POLITICAL BARGAINING
“The passage of the bill has become an arena for political bargaining… they (political leaders) must understand that we have to comply and follow international rules,” Dookhoo insisted.
Speaking on behalf of the business community, he said that because of the implications for businesses, they are not happy and he emphasised that the Private Sector must be considered before politicians decide to play games with the economy.
“We must ensure that a healthy business environment is maintained so we can foster development for Guyana,” the CAIC President said.
According to him it includes the requirement of enhanced due diligence measures; introducing heightened reporting mechanisms or systematic reporting of financial transactions and refusing the establishment of subsidiaries.
Guyana was first blacklisted at the regional level, when, in November, 2011, CFATF brought to the attention of its members in certain jurisdictions, among them Guyana, significant strategic deficiencies in their AML/CFT regimes.
FATF’s next plenary meeting is scheduled for June 23 to 25, 2014 in Paris, France.