REPUBLIC Bank (Guyana) Limited has rejected the assertion that it is engaged in money-laundering activities, according to an article in the Kaieteur News on Wednesday.
The Bank in a statement said it has a rich history of integrity spanning over 175 years and views any suggestion of this nature to be malicious, libellous and unfounded. “In particular, the Bank denies that any deposit of cash or cash equivalents was made to the referenced account by the named party on June 16, 2011 or any other date. In light of the article which seeks to tarnish the Bank’s reputation and question its adherence to sound banking principles, Republic Bank (Guyana) Limited will take all necessary steps, including reviewing legal options to address these false allegations, to protect its reputation and the interests of all stakeholders,” the statement added.
Meanwhile, the Bank of Guyana also responded to the article under the caption “SARU probes local Bank accused of money laundering.” The Central Bank said the article suggested wrongdoing by Republic Bank (Guyana) Limited) and inaction on its part. “One of the functions of the Bank of Guyana is to supervise and regulate financial institutions in Guyana and it is against this background that this press release is being issued. “The Bank wishes to advise that, subsequent to the receipt of a letter of complaint and request for prosecution of the financial institution, the Bank conducted an examination of the relevant records of the financial institution. Based on the documents and records examined by the Bank of Guyana, no evidence of wrongdoing on the part of Republic Bank (Guyana Limited) was found.”
According to the Bank of Guyana, the examination revealed that the financial institution had taken steps to ensure compliance with the relevant Prudential Supervision Guidelines issued by the Bank of Guyana under the Financial Institutions Act No 1 of 1995. In light of the recent article which has the potential to destabilise the financial sector, the Bank of Guyana has found it necessary to issue this press release for the guidance of all parties.