The private sector today stepped up its warnings over the repercussions of the failure to meet this Friday’s deadline for the passage of the anti-money laundering bill.
The government and the opposition remain deadlocked on the bill despite talks since May of last year and tomorrow’s session of parliament is seen as a last-ditch opportunity to avoid more stringent counter-measures against Guyana by countries all across the world.
The Private Sector Commission (PSC) in a statement today said that ensuing damage from the counter-measures could take two years to repair. The opposition is not of the view that the situation could be this dire.
The PSC statement follows:
The Private Sector Commission (PSC) on Friday last met with Mr. Roger Hernandez, the Financial Advisor for Caribbean Financial Action Task Force (CFATF), who visited Guyana with regard to the Anti-Money Laundering and Countering the Financing of Terrorism legislation required to be passed by Friday, 28th February, 2014.
The Private Sector Commission, having consulted at length with the CFATF Financial Advisor, wishes to warn that, should Guyana fail to report on 28th February, 2014, to CFATF that the National Assembly has passed AML/CFT legislation which is compliant with the requirements of CFATF, extremely severe financial counter measures will inevitably be taken against Guyana by the Financial Action Task Force and International Cooperation Review Group (FATF/ICRG)
The PSC in meetings with all of the political parties concerned has underlined the fact that, because earlier CFATF deadlines have been missed, already a number of international banks have begun to impose financial restrictions with consequential delays on transacting business with Guyana and that the consequences will be felt by the entire population.
The PSC, over the past few days, has met with the Alliance For Change (AFC), A Partnership for National Unity (APNU) and the government in an effort to urge that the government and parliamentary opposition place the country’s interest above partisan political interests and that they must find sufficient common ground to have the required legislation passed.
The PSC has asked, at these meetings, that recognition be given to the fact that the current legislation under consideration in the Parliamentary Select Committee without further amendments has been identified as being compliant with the requirements set out by CFATF and has urged its passing.
The PSC has emphasized at these meetings that failure on the part of Guyana to effectively respond to the requirements of the international community to meet its anti-money laundering and countering the financing of terrorism obligations is not an option for Guyana.
The PSC has underlined that fact, noted by Mr. Hernandez during his visit and independently reported in the media, that, once Guyana has been referred by FATF to the ICRG, severe restrictions will be automatically imposed by international banking, financial institutions and companies in conducting financial transactions with Guyana.
The PSC cannot over emphasize the fact, which we have done at all of our meetings with the political parties, that enormous and irretrievable damage will be done to the country’s economy from which it will take Guyana a minimum of two years to recover after having first met its international obligations to legislate and implement measures against money laundering.
The PSC can do no more now than appeal to our government and to our parliamentary opposition parties to rise above their political interest and do what is right for Guyana and its people.
