Dear Editor,
There is now a current investigation of Accelerated Capital Firm Inc. ((ACFI), which had applied for a licence to operate in Guyana and was turned down for good reasons. However, what is unexplained is why this firm was still in financial operation.
The question arises that our financial regulator, the Bank of Guyana seems to have done nothing to stop them from operating here. It is clear that there were requirements under the Anti-Money Laundering and Countering the Financing of Terrorism Act that they did not fulfil. Thus the Governor, Bank of Guyana stood by and left the financial sector and depositors highly exposed to fraud as this firm continued operations.
I urge as a former Central Banker and Minister of Finance that the regulator (Bank of Guyana) should explain to the public its dereliction of duty and why actions were not taken to protect Guyanese.
Yours faithfully,
Asgar Ally
Former Central Banker and
Senior Minister of Finance
