THE Private Sector Commission (PSC) has expressed disappointment that Guyana’s status with the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF), has not changed.This is in light of Guyana meeting the legislative requirements by passing the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CTF) Act.

“We acknowledge that a significant step has been taken in remedying Guyana’s AML/CFT deficiencies in the passing of this Act and we would like to congratulate the government on achieving this milestone. It should be noted, however, that Guyana agreed to an Action Plan with the Financial Action Task Force in October 2014,” the PSC said, adding that the implementation of this plan remains crucial to the removal of the country from any list of countries that need to be monitored by the FATF and, until all the elements agreed to have been effectively dealt with, transactions emanating from Guyana will continue to be subject to additional scrutiny.

The Action Plan included a commitment to ensuring a fully operational and effectively functioning financial intelligence unit, the establishment of effective measures for customer due diligence and financial transparency and the implementation of an adequate supervisory framework.

The PSC said it is deeply concerned with regard to Guyana being on the monitoring list by FATF and called on the government to urgently take the necessary steps to remedy the strategic AML/CFT deficiencies, so that Guyana can be removed from the monitoring list.

Meanwhile, the Guyana Trades Union Congress (GTUC) in a statement said it has noted the PSC’s concern that Guyana’s monitoring status on FATF and CFATF remains, even though the legislative requirements have been met by the passing of an amended AML/CFT legislation.
This status was expected, the GTUC said, pointing out that the nation would recall that CFATF Financial Advisor Mr Roger Hernandes who visited Guyana in February 2014, had informed that this status will likely remain for a minimum of two years, with removal contingent on implementation/enforcement of the laws.
This inconvenience, though necessary, the umbrella trade union organisation said should be laid at the feet of the People’s Progressive Party (PPP) who since 2009 had engaged in dilatory tactics in moving Guyana towards international compliance.
The APNU+AFC government, the GTUC said, now has a responsibility to move to have the other supporting structures established that would lead to the required accountability, demonstrating Guyana’s commitment to honour its obligations under international AML/CFT conventions, as a member of the international community.
Only then, it said Guyana’s monitoring status is likely to change as the AML/CFT law is governed not by gut-feeling, but by a body of rules that guides implementation and concurrence.
“GTUC takes this opportunity to remind the government of its obligation to establish the constitutionally required Public Procurement Commission and Integrity Commission, the former of which would ensure the integrity of government’s contracts and later that of public officials. Both are hinged to countering money laundering and financing of terrorism. As such, establishment must be a matter of immediacy.
“Where the PPP regime failed to get the important pillars of governance in order, it behooves this administration to fix the anomalies in the system,” the GTUC said.