Dear Editor,
The leading headline in Guyana Times on the 7th of July, 2016, reads ‘AML/CFT concerns… Bank of America severs ties with Guyana’. As Attorney- General and Minister with responsibility for Guyana’s AML/CFT compliance regime, I spent the greater part of three years battling with the joint opposition, in vain, to secure their support in the National Assembly in order to enact changes to our laws to make Guyana compliant with international standards in respect of Guyana’s AML/CFT regime. It would be an act of selfishness if I do not acknowledge the efforts of my colleagues in government. From the President right down, we persevered relentlessly. We explained at every forum available, the dangers to which our nation’s financial and commercial sectors will be exposed. We warned of the great volume of background information which will have to be supplied in relation to financial transactions both locally and across borders. We highlighted the unnecessary expenditures which will be incurred to do business across international borders. We emphasized the severance of relations that would take place between banks in other countries and local banks. We predicted that international trade and commerce between local businesses and those across our borders will decline.
We enlisted on our side, the diplomatic community, the entire private sector, the labour movement, the religious organizations and almost every civil society organization of worth. We spent over a year haggling in a special select committee. We had several meetings at the highest political level ‒ all done to procure the joint opposition’s support in the National Assembly to pass the relevant legislation. They refused to budge. They held the nation to ransom. At every meeting their political demands increased. They accuse us of creating panic in the country. They claimed that we are crying wolf; that nothing will happen if the Bills are not passed.
In the end, they reduced this fundamental national issue to that of a political football. They voted down the required AMLCFT Bill twice in the Tenth Parliament. They caused CFATF to issue a series of adverse public statements against Guyana, informing the world that Guyana poses a threat to the global financial structures and warned countries to take the necessary steps to protect their financial landscape from the threat posed by Guyana’s financial sector. The Caricom region and indeed the world took note. They implemented counter-measures against Guyana. It is now a nightmare to transact business with the local banking sectors. Businessmen can relate the ordeal which they endure daily to conduct simple business transactions.
As a result, the Financial Action Task Force (FATF) began a review process of Guyana. Thus, Guyana is stained globally as a country that encourages money laundering and terrorism. A year after assuming the reins of government, this very joint opposition, now in government with control in parliament has been unable to extricate Guyana from the morass in which they have dumped us. The Attorney-General appears shockingly clueless on how to propel the nation out of this state of international delinquency. As if he is on a trial and error mission, he piloted four Bills, thus far, through the National Assembly. Instead of advancing out of the process, we seem to be backsliding. The level of incompetence is remarkable. He still, clumsily, blames the PPP/C administration for the technical deficiencies which afflict our system. A few days ago, he boldly informs the nation that we shall soon exit the review process. Again, this Minister is in a state of perpetual confusion on this issue. How is it possible for us to be exiting the review process and at the same time a huge bank, like Bank of America, which stayed with us all this while, has bid us goodbye, although, we will soon become compliant? It does not make sense. Someone is lying through their teeth. We continue to reel from the consequences of being an AML/CFT delinquent nation .
I have already disclosed that FATF’s latest public statement on Guyana contradicts the impression conveyed by the Attorney-General that we are exiting the FATF review process. I have also disclosed that the FATF has most likely been misled because in their public statement they speak of Guyana having established “a fully operational and effectively functioning Financial Intelligence Unit”. This is far from the truth. Guyana’s FIU exists on paper only. When CFATF and FATF realize that they have been misled the situation will only get worse. In the end, no matter from what perspective this matter is examined, the unassailable truth is that the APNU+AFC are responsible for the position Guyana finds itself in regarding our delinquent AML/CFT status.
Yours faithfully,
Anil Nandlall, MP
