Attorney General Anil Nandlall has told a meeting in El Salvador of the Caribbean Financial Action Task Force (CFATF) that Guyana will likely complete the non-legislative aspects of its anti-money laundering plan before the deadline of May next year but the ultimate date for legislative changes of September 2015 remains in limbo because of a dispute with the opposition.
For more than two years now Guyana has been on the brink of blacklisting by the global body, the Financial Action Task Force (FATF) which could see debilitating repercussions for financial transactions between Guyana and the rest of the world. However, at a key meeting in Paris, France of the FATF in October, President Donald Ramotar delivered a letter to the FATF pledging high-level commitment to an action plan to have all requirements met.
It was at this meeting that the deadlines for legislative and non-legislative requirements were set.
A release from GINA on Tuesday said that Nandlall advised the Plenary Meeting XL, and Special Ministerial V Meeting of the CFATF in El Salvador that the non legislative measures are being implemented and there is every likelihood that these will be completed long before the May 2015 deadline. One of these measures is the activation of the Special Organised Crime Unit.
With regards to the legislative measures, the Attorney General pointed out, according to GINA, that this is the area which “continues to pose tremendous challenges to the Government of Guyana since up until the Paris meeting, the majority comprising the joint opposition in the National Assembly refused to lend their support to the enactment of the (Anti-Money Laundering/Countering the Financing of Terrorism) AML/ CFT (Amendment) Bill 2013 which captures all the requisite legislative measures.”
The opposition has argued that the government has refused to admit reasonable amendments which would ensure the proper operating of the bill.
Nandlall also advised the El Salvador meeting of the prorogation of Parliament “ because the joint opposition was proceeding to move and pass a no-confidence motion which would have resulted in dissolution of Parliament and general elections within three months.”
He said that one of the grounds for the prorogation of Parliament was to offer an opportunity by the President for the Government and the joint opposition to enter into constructive engagements in order to arrive at consensus on a number of national issues including the swift enactment of the AML/CFT (Amendment) Bill. The opposition has lampooned this explanation, arguing that the government has resisted proposals offered by the opposition over the last two years.
The GINA release on Tuesday said that President of the FATF, Roger Wilkins, has written to President Ramotar in response to his October letter. GINA said that Wilkins’ “letter recognises the high level political commitment which President Ramotar has given to bring Guyana into compliance” with the required anti-money laundering regime.
On the basis of the October commitment by Ramotar, GINA said that the FATF has identified Guyana in the public document, “Improving Global AML/CFT Compliance: Ongoing Process”, of October 24, 2014.
Guyana is committed in the document to work on implementing its action plan to address deficiencies, including by: ”(1) adequately criminalising money laundering and terrorist financing; (2) establishing and implementing adequate procedures for the confiscation of assets related to money laundering; (3) establishing and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; (4) establishing a fully operational and effectively functioning financial intelligence unit; (5) establishing effective measures for customer due diligence and enhancing financial transparency; (6) strengthening suspicious transaction reporting requirements; and (7) implementing an adequate supervisory framework. The FATF encourages Guyana to address its AML/ CFT deficiencies by implementing its action plan.”
