Unlikely that Parliamentary Select Committee will meet on AML/CFT Bill –Ms. Teixeira

THE National Assembly goes into recess on Friday leaving time for one more sitting of the House; however, there continues to be no meetings of the Parliamentary Special Select Committee reviewing the -Money Laundering/Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill.The delayed passage of the critically important bill continues to be of concern for many Guyanese, particularly in the private sector.
Chairperson of the Committee, Ms. Gail Teixeira told the Guyana Chronicle that it is unlikely that the Committee will meet during the recess period, which is a cause for concern given that Guyana will be taken up for review by the Financial Action Task Force’s (FATF) in October and the National Assembly is scheduled to come out of recess on October 8.

In a previous interview, she said: “I have been trying to get a meeting of the Committee for weeks now. I suggested July 8 and 10, but was told that the PNCR (People’s National Congress/ Reform) will be hosting its Congress. The last date I suggested was July 30, after the Congress, but Mr. Williams has said that the Opposition will be unavailable to attend any meeting prior to recess. He also said that Mr. Ramjattan will be out of the country during the time suggested for the meeting.”
Without a meeting of the Committee to conclude its review of the AML/CFT Bill, its passage remains in limbo, even in the face of possible international sanctions for Guyana.
The Head of State, Mr. Donald Ramotar, also recently pronounced on the delay in the Committee meetings and noted that he was surprised at the nonchalant disposition of the combined Opposition, A Partnership for National Unity (APNU) and the Alliance For Change (AFC).
FATF, earlier this month, officially confirmed its decision to commence a targeted review of Guyana, in a letter dated July 9, 2014, prior to its October 2014 plenary meeting.
And the international watchdog body made it clear that the purpose of this targeted review will be to examine the most significant deficiencies in Guyana’s AML/CFT framework that pose a risk to the international financial system. According to FATF, its review will identify steps that should be taken to address those deficiencies through the development of an Action Plan.
FATF said in its letter: “This review will be conducted by the International Co-operation Review Group (ICRG), Americas Regional Review Group (ARRG), co-chaired by Ms. Darlene Boileau (Canada) and Ms. Maria Fernanda Garcia-Yrigoyen Maúrtua (Peru).
“In our capacity as ICRG Co-Chairs, we now request your full cooperation in assisting the ARRG to conduct this work, including by providing up-to-date information on your jurisdiction related to AML and CFT issues as requested by the ARRG co-chairs.”
Guyana, according to the letter, will be given an opportunity to review the draft targeted review and to have a face-to-face meeting with the ARRG.
At its next meeting on 20th -24th October, 2014 in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review. If Guyana is deemed non-compliant a public statement from FATF to its member countries will be issued at that meeting advising recommended sanctions against Guyana.