…Bank to produce required documents in investigation

THE Full Court of the High Court on Friday dismissed an appeal filed by Guyana Bank for Trade and Industry (GBTI) clearing the way for the Special Organised Crime Unit (SOCU) to access the banker’s books under section 24(2) of the Anti-Money Laundering and Counter the Financing of Terrorism Act’s prohibits.

The matter was heard before Judges Fidela Corbin-Lincoln and Nareshwar Harnanan. SOCU, as part of its probe into the Guyana Rice Development Board (GRBD) General Manager fraud case, had moved to the court to obtain an order instructing GBTI to produce all the required documents to aid in the investigation.

On July, 5, 2018, Justice Franklin Holder granted a Production Order directing GBTI to produce specific records of transactions, documents which are relevant to identifying, locating or quantifying property or locating a document necessary for the transfer of such property where a person is being investigated for a serious offence or money laundering pursuant to the Anti-Money Laundering and Countering the Financing of Terrorism Act Cap. 10:11.

The Court ruled that the Trial Judge, Justice Holder acted in compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act, to hear the application ex parte.

The Court also ruled that Section 24 of the Anti-Money Laundering and Countering the Financing of Terrorism Act does not prohibit the production of copies of the banker’s books.
The Court ordered GBTI to comply with the order of Justice Holder by the 12th day of November, 2018 at 4:30pm and cost to be paid to the respondent in the sum of $150,000.
When counsel for SOCU, Leslyn Noble was contacted, she said the banking institutions should be co-operating with the law enforcement agencies to combat financial crimes. In fact, she said the banks have an important role in ensuring the promotion of high ethical and professional standards in the financial sector.

Those on trial are: GBTI directors, Edward A Beharry, Suresh Beharry, Kathryn Eytle-McLean, Richard Isava, Carlton James and Basil Mahadeo; its chairman Robin Stoby and acting Chief Executive Officer (CEO) Shaleeza Shaw.

The directors are jointly charged with failing to comply with a production order issued by the acting chief justice and served by a marshal of the High Court, ordering them to produce certain named documents within seven days to SOCU head, Assistant Commissioner of Police, Sydney James.

The trial is being presided over by Chief Magistrate Ann McLennan, with evidence being led by SOCU prosecutor, Patrice Henry. Under tough anti-money laundering laws, once court orders are granted, financial institutions are reportedly bound to provide information. In this case, the monies are not from private accounts, but rather from the U.S. dollar and other accounts of GRDB–a state entity.