GENERAL-Secretary of the ruling People’s Progressive Party, Mr Clement Rohee, surmises that the critically important Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill is “dead in the water”, given the current state of affairs.

“The AML appears to be dead in the water. They (the Opposition) are not making any changes,” he said at a press briefing held at Freedom House yesterday.

The Government is currently preparing for a “targeted review”, as mandated by the international watchdog, the Financial Action Task Force (FATF), Rohee disclosed, adding: “The preparations are ongoing for the targeted review to take place, but as far as the Opposition and their views on the AM Bill (are concerned), I haven’t discerned any significant shift from their position. It hasn’t changed.”

Prior to yesterday’s comments, Rohee had, earlier this month, bemoaned the continued non-meetings of the Parliamentary Special Select Committee reviewing the AML/CFT (Amendment) Bill, and had noted that the party was not optimistic that the Bill would be passed before the FATF’s meeting in October.

In a letter dated July 9, 2014, FATF officially confirmed its decision to commence a targeted review of Guyana prior to its October 2014 plenary meeting; and the international watchdog body made it clear that the purpose of that targeted review would be to examine the most significant deficiencies in Guyana’s AML/CFT framework that pose a risk to the international financial system.

FATF has said that its review will identify steps that should be taken to address those deficiencies through the development of an action plan.

The international watchdog’s letter had said: “This review will be conducted by the International Cooperation 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.”

The letter indicated that Guyana would be given an opportunity to review the draft targeted review, and to have a face-to-face meeting with the ARRG, which is expected to happen sometime in September.

At its next meeting, between October 20/24, 2014 in Paris, France, the FATF is expected to discuss the results of Guyana’s targeted review.

(Vanessa Narine)