THE failure of Guyana to pass the internationally recognised amended Anti-Money Laundering and Countering the Financing of Terrorism legislation means that the risk of it being blacklisted still remains.

Guyana’s case to the Financial Action Task Force (FATF) will be put forth during the body’s plenary meeting on October 18-24 in France.
Speaking to the Government Information Agency yesterday, Attorney General and Legal Affairs Minister Anil Nandlall said that despite the identification of deficiencies in Guyana’s financial and legal architecture, along with the timeline to rectify same, the political Opposition continues to reject recommendations to address its shortcomings.
The vital legislation is currently languishing in the Select Committee, chaired by A Partnership for National Unity Member Carl Greenidge, and according to Minister Nandlall, an “exorbitant political ransom” is being demanded for its release.
Describing the Opposition’s move to stymie the bill’s passage as political blackmailing and machinations, the nation remains on the “precipice” of being blacklisted, Minister Nandlall emphasised.
Guyana is executing a work plan given to government by the FATF, and a unit of the aforementioned organisation has been given the responsibility of supervising the correction of deficiencies identified, he added, saying that as far as possible “Guyana has attempted to comply with the work plan”.
Guyana’s efforts were recently reviewed during a face-to-face interaction with the Americas Regional Review Group (ARRG) in Miami on September 29. FATF appointed a special body comprising representatives from the Americas to work with Guyana for the purpose of making a presentation of Guyana’s case in Paris.
The report, which was worked out by both stakeholders, the minister said, has already been sent to Paris for scrutiny.
“In Paris, France, it will be decided whether we will be given any further time to correct the deficiencies,” the Attorney General stated.
Guyana is the only country that is technically deficient in terms of its financial crimes’ legislative framework in the western hemisphere, as all of the other FATF member-countries are now concluding their fourth round of examinations. Guyana is still to come out of the third round.
Government is aware of the deficiencies and whilst it has attempted to correct them, most of what is needed, Minister Nandlall added, can only be done with the legislation’s passage and enactment. “Government’s efforts to enact that legislation have been frustrated by the non-support of the political Opposition,” he reiterated.
Government has been trying for close to two years to realise the passage of the critically needed legislation, but to no avail. This is despite several interventions by local and international financial experts and stakeholders urging all sides of the National Assembly to support it.
The AMLCFT Bill was tabled in the National Assembly since early last year and despite the pressures mounted by Guyanese and foreigners alike, the Bill that will bring Guyana into compliance with international requirement, has been voted down, re-tabled in Parliament, crucial deadlines were missed, and to date, it is still at the select committee whose deliberations have and continue to be marred by delaying tactics.

(GINA)