Dear Editor,
I am deeply motivated to address a pressing concern that underscores the escalating problem of power abuse and corruption within Guyanese society. An alarming incident exemplified this on June 11, 2024, when it was announced, globally, that three of our compatriots were added to the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. This list divulged intricate personal details, including addresses, dates of birth, and passport numbers, underscoring the grave ramifications of sanctions. It’s imperative that we refrain from trivializing this issue as mere political fodder or colloquialism.
It’s worrying to see Guyanese nationals being included on this list because it suggests their involvement in activities that threaten the economic or national security of the United States. This is a serious matter that requires immediate attention and action from our community. It’s crucial for us, as Guyanese citizens, to avoid such dishonourable distinctions. Adhering to the highest standards of integrity and following international laws isn’t just an individual duty but a collective one. Being listed can lead to severe consequences like financial difficulties, travel limitations, and harm to personal and national reputations.
To prevent similar incidents in the future, our government, civil society, and individuals need to work together effectively. We must educate ourselves about international compliance standards, enforce laws strictly, and ensure transparent governance. These steps are vital for protecting our nation’s reputation and stopping the actions of a few from tarnishing our collective image. For this reason, this situation reminds us of the importance of integrity, lawful behaviour, and the shared responsibility we have in upholding our nation’s honour and dignity worldwide. I offer some suggestions to comply with U.S. laws on money laundering, terrorism financing, and sanctions, which citizens and officials should practice.
Firstly, businesses should stay well informed about relevant U.S. and international laws affecting their industry and operations. Next, they should consistently conduct, thorough impartial checks, to avoid transactions with entities or individuals on the SDN List or other sanctions lists. Invest in resources to develop and maintain a strong compliance program with policies, procedures, and controls to detect and prevent prohibited transactions.
Therefore, employees need to be trained regularly on these policies and the importance of adhering to sanctions laws, especially Banks that should implement robust Know Your Customer (KYC) procedures to verify the identities and backgrounds of customers, clients, and business partners. Other safeguards should include sophisticated monitoring of transactions for suspicious activity and ensure compliance with applicable sanctions’ laws. As such, any suspicious transactions should be promptly reported to the relevant authorities. Last but not least, cooperate fully with regulatory and law enforcement authorities if approached for information or assistance. For this reason, keep accurate and up-to-date records of customer information. I believe, by following these guidelines and taking a proactive approach to compliance, one can significantly reduce the risk of being added to the OFAC SDN List.
Sincerely,
Keith Bernard