— says the economy is no ‘political football’

PROMINENT businessman, Capt. Gerry Gouveia, has bemoaned the fact that Guyana has been effectively blacklisted internationally after being referred to the Financial Action Task Force (FATF) by the Caribbean Financial Action Task Force (CFATF) noting that this was a threat made by this country’s parliamentary Opposition. 

Capt. Gouveia, who is Chief Executive Officer of Roraima Group of Companies and also former Chairman of the Private Sector Commission, expressed his extreme disappointment at the Opposition’s move to hinder economic

development noting that this national issue is also one of major concern to the Private Sector.
He said the move by the Opposition was a reckless and irresponsible one stressing that when politicians play with a country’s economy and foreign investments, they jeopardize investor’s confidence in the country. This he reiterated is an “irresponsible, inexcusable, reckless” move by the combined parliamentary Opposition, comprising the APNU and AFC.
“It is mind bugging and I cannot understand how anyone can hold this Bill at ransom. I am extremely disappointed because they (the Opposition) are playing politics with a country’s economic development,” Gouveia declared.
He also emphasised that the threats which were made by the Opposition not to pass the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill were stuck to, and their actions constitute to a hindrance in job creation especially for young people who the AFC and APNU claim they are concerned about. “Job creation which will diminish poverty and provide opportunities for our young people to live healthy lives are being tampered with,” Gouveia lamented.

“The economy is not a political football to play games with…the Opposition have made threats and stuck to those threats” – Cpt. Gerry Gouveia

He underscored the importance of having religious, political and other leaders engaging in creating an environment which is economically friendly and where growth can be encouraged.
“Anyone doing otherwise are depriving economic growth, investor’s confidence and limiting job availability for our younger generation,” Gouveia stressed.
He also pointed out that by blocking the passage of this CFATF-compliant Bill, it shows the “blackmail politics” the Opposition is engaged in.
“Every man, woman and child will be affected in this manner. Remittances will also pose a problem as persons will find it more difficult to receive money from family abroad,” he posited.
At the end of its five-day meeting, on Thursday, CFATF issued a missive advising its members to consider implementing “further” counter-measures against Guyana, some counter-measures having already been implemented after November’s blacklisting, to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana, as described below.
The regional body made it clear that Guyana has strategic Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) deficiencies, and has not made sufficient progress in addressing these.
According to CFATF, in a public statement, “As a result of not meeting the agreed timelines in its Action Plan, the CFATF recognises Guyana as a jurisdiction with significant AML/CFT deficiencies, which has failed to make significant progress in addressing those deficiencies, and the CFATF considers Guyana to be a risk to the international financial system.
“Members are therefore called upon to implement further counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana. Also, the CFATF has referred Guyana to the FATF.”
FATF’s next plenary meeting is slated for June 23 to 25, 2014 in Paris, France.

(By Ravin Singh)