The Private Sector Commission yesterday said that it was gravely concerned at the prospect that Guyana could be blacklisted internationally over failure to comply with a May 27 deadline for legislative amendments intended to fight money laundering.
In a statement, the PSC noted that following the presentation of Budget 2013 it had expressed its unqualified support for the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill and had called on the National Assembly to deal with the amendments to the Act as a matter of absolute urgency.
There is some doubt now whether Guyana will meet the deadline as the bill with the necessary amendments has been sent to a Select Committee of Parliament and its deliberations are far from complete. The situation has been compounded by a statement by the Alliance For Change that it will withhold support for the amendments unless the government puts in place the Public Procurement Commission and President Donald Ramotar rescinds his decision to not assent to two bills passed as a result of the opposition’s one-seat majority in parliament.
The PSC said “Guyana presently stands in great risk of being deemed a credit risk by international financiers and becoming subject to sanctions restricting international financial transactions if we do not immediately put in place and implement the legislation required by the Organization of Economic Cooperation and Development… Guyana cannot afford to be blacklisted in this manner.”
It added “The PSC is gravely concerned at the significant and irretrievable damage to the country’s ability to conduct international banking and business which would result should this Bill not now be passed and Guyana fail to comply with the deadline of 27th May set by the Caribbean Financial Action Task Force….”
