As locals banks face longer processing times for some international transactions, the Guyana Bankers Association on Wednesday expressed its concerns to the select committee reconstituted to work on the crucial anti-money laundering legislation.
Speaking to Stabroek News on Thursday, Guyana Bank of Trade and Industry (GBTI) CEO John Tracey said that the Association was invited to a meeting with the committee on Wednesday and is now required to submit a written presentation to the committee in less than two weeks.
Tracey explained that while the Association was able to register its concerns surrounding the non-passage of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Amendment Bill, it was also able to get clarification on areas that were not very clear.
Tracey also said that the Association related to the committee that Guyana is beginning to feel some effects of being flagged for non-compliance by the Caribbean Financial Action Task force (CFATF).
According to Tracey, some transactions are taking longer than before. This is a most undesired development since the timely completion of certain financial transactions is crucial for many customers.
Legal Affairs Minister Anil Nandlall had said that certain financial transactions would take longer to complete if Guyana was “blacklisted” in the months leading up to the CFATF plenaries last May and again in November.
During an interview last week, UK barrister John McKendrick told Stabroek News that the duration of every day transactions would increase due to beefed up due diligence and other such procedures. He also said that the cost of conducting such transactions can also escalate as the added precautionary measures are made necessary.
