THE Federation of Independent Trade Unions of Guyana (FITUG) has called for political parties represented in the National Assembly to pass the Anti-Money Laundering/Countering of the Financing of Terrorism (AML/CFT) (Amendment) Bill.
A release from FITUG said it represents 35,000 workers in strategic sectors of the economy and given the announcement that “the Financial Action Task Force (FATF) has facilitated more time for the National Assembly to pass this important legislation, the partisan politics exhibited on November 7, 2013, which resulted in the defeat of the original Amendment Bill and the subsequent blacklisting of Guyana by the Caribbean Financial Action Task Force (CFATF), need not be repeated again at this critical juncture in Guyana’s history.”
FITUG said that its members, some of whom are among the recipients of remittances from abroad, will, undoubtedly, be affected. It said, “We understand that money transfers may take longer and fees for such transactions will increase as well. Also, the threat of international financial institutions ceasing to conduct business in our country will restrict the conduct of transactions. Such an occurrence will require persons having to travel further or pay exorbitant fees in order to conduct money transfers or to receive remittances.”
FITUG stated that these impediments are not easily overcome by persons with limited resources. It said that further sanctions will cause citizens being required to complete additional, unnecessary and lengthy paperwork in order to execute and/or complete transactions.
According to the release, FITUG warned, “Importantly, the jobs of FITUG members could be jeopardised if businesses are unable to secure imported raw materials and inputs to facilitate operations within an acceptable time frame. If businesses close their doors, the social impact will be grave as jobs could be lost.”
It said the housing industry, which is largely supported by the working class and as a creator of thousands of indirect jobs, ranging from truckers to labourers to carpenters, to even food vendors who prepare food at various construction sites, will suffer if Guyana is blacklisted because the bill is not passed.
“At this point in our nation’s history, we join the chorus of concerned stakeholders to appeal to our Parliamentary representatives, and more so, the members of the Special Select Committee charged with reviewing the Amendment Bill, to work in the interest of the workers of Guyana. Further sanctions at this time could serve to reverse the many gains made by the working class over the years, the threat of job losses cannot be underscored, our workers deserve, among other things, a decent standard of living,” FITUG concluded.
