The decision by a Caribbean financial body to encourage its member countries to consider implementing counter measures to protect their financial systems from the “ongoing money laundering and terrorist financing risks” emanating from Guyana is most unfortunate, Minister of Finance, Dr Ashni Singh has said.
“As a result of this warning Guyana’s credibility in the international community will be severely damaged. International business relations with Guyana will be subjected to intense scrutiny which inevitability will become bureaucratic and costly for investors. Such environments will undoubtedly detour investor interests and ultimately limit Guyana’s marketability,” the minister said in a statement issued yesterday.
On Thursday, the Caribbean Financial Action Task Force (CFATF), after assessing Guyana during its 38th Plenary in The Bahamas, decided that the country is insufficiently compliant with prescribed anti-money laundering and terrorism financing requirements and therefore called on its member countries to consider taking measures to