Dear Editor,
As Executive Chairman of the Guyana Office for Investment (GO-Invest) I would like to call for better judgment and a sense of patriotism to prevail among Guyana’s parliamentarians, especially those in the opposition, so as to allow for the much anticipated and expeditious passage of the Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT) legislation.
As advisor to the President I am the latest to join the growing list of individuals, groups and organisations to condemn the lack of consensus among parliamentarians and the adverse effects that the Bill’s non-passage will have, including the ‘blacklisting’ of Guyana. The regional and international implications of a negative characterisation of Guyana, as stated by the Caribbean Financial Action Task Force (CFATF) and the French-based international body, the Financial Action Task Force (FATF), have already been evidenced in the local financial sector. Future pronouncements by these bodies will only serve to cement the negative perception held on the international scene, particularly by foreign investors.
Guyana’s ability to attract foreign direct investment plays a quintessential role in assisting in the improvement of the local economy, which recorded a five per cent growth rate in 2013 – ahead of regional counterparts. The private sector drives growth and introducing challenges to their access to foreign investment will greatly undermine their efforts.
GO-Invest, which is the country’s primary contact for investors and exporters, is currently undergoing an intense process to modernise, with the aim of bringing it more in line with other more developed countries. The investment agency liaises, on behalf of investors and exporters, with government ministries and other agencies in an efficient and effective manner and facilitates and expedites the processing of applications for concessions and other government support. And it is intrinsic to the nature of the work of GO-Invest that investors, especially new and potential ones, are all raising concerns about the possible devastating implications of the non-passage of the AML/CFT bill. I would like therefore to make a special and desperate appeal, especially to the political opposition, to try to resolve this matter as early as possible in the interest of all Guyanese.
Efforts are being made to educate the senior staff members of GO-Invest on the ramifications and effects that the blacklisting of Guyana would have on investors. This would enable staffers to better respond to the influx of queries and concerns from investors, most of whom are genuinely worried about the negative effects this would have on the local investment climate.
Guyana’s investment climate has improved tremendously in recent years, and it would be a crying shame if this progress is destroyed due to politicians playing tit-for-tat politics at the expense of investors, citizens and the nation as a whole. I am of the view that this is not something we should play around with because this issue not only has major national implications, but also dire global consequences. I believe there are some issues that directly relate to and affect the nation that we should not politicise.
If Guyana again fails to meet the next FATF deadline, then the average Guyanese will face the full impact of the penalties for a long time, impacts which promise to disrupt both the lives and livelihoods of citizens.
Yours faithfully,
Keith Burrowes
