FOLLOWING the momentous passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill last Friday in the National Assembly, Chief Executive Officer (CEO) of the Guyana Bank for Trade and Industry (GBTI), John Tracey, has expressed how “relieved” he was at this achievement. In an invited comment yesterday following a GBTI-held seminar, the CEO related that despite the eventful backdrop which followed the successful passage of the bill, the guidelines under which GBTI operates from the central bank, has already been in place on the basis of the amended act.
As a result, Mr. Tracy is of the view that the requirements for financial institutions under this forthcoming law, is already being adhered to, since it is stipulated in their operational procedures.
But, remaining hopeful, the CEO said he anticipates satisfaction on the part of regional and international correspondents, given that Guyana has now legally installed mechanisms which must be followed “dutifully” by banks across the country. “There are also minimum risks of money-laundering and terrorist financing from Guyana and from the banks in Guyana,” he added.
As such, a “clean bill of health” is expected to be issued, even while he eagerly awaits the resumption of normalcy in the business environment, “without a cloud hanging over our head; that we are not compliant with every other country that subscribes to AML/CFT.”
Guyana moved one step closer to becoming financially compliant with international regulations when the National Assembly passed the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill last Friday. The bill was unanimously supported by the 33-seat Government in the absence of the Opposition People’s Progressive Party/Civic (PPP/C).
Presenting the bill was Attorney General and Minister of Legal Affairs, Basil Williams, who told the House that, “The proposed bill has added the person authorised by the Financial Intelligence Unit (FIU), and it has said also that they could seize and detain cash above the sum of $10M anywhere in Guyana.”
Finance Minister, Winston Jordan also weighed in, offering that the passage of the bill was a momentous occasion and that the bill is a result of “tremendous efforts and inputs of a wide cross-section of people and entities that are involved in the fight against the twin evils of money-laundering and financing of terrorism.”
He pointed to the difficulties this would place on policy-makers being able to assess the state of the economy while formulating appropriate economic policies. “A parallel economy will be operating alongside the official economy, and in many respects, to the detriment of the official economy,” he said.
The International Monetary Fund (IMF) has long expressed concerns about the integrity of financial systems which could have a dampening effect on foreign direct investment. Jordan noted all of this as the right reasons for passing the bill, which was approved in the National Assembly after it was read twice, taken before the Committee of the House, and finally approved by the majority of members in the National Assembly.
This bill sought to amend the principal AML Act, which was passed in 2009, and introduces a Financial Intelligence Unit (FIU), as well as the enhancement of sanctions and granting greater powers to authorities tasked with safeguarding Guyana’s obligations to the international financial system.

By Ravin Singh