Anti-money laundering legislation…Businesses petition National Assembly for passage

The rapidly approaching November 18th deadline for the passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Bill has seen increased calls for the House to approve its passage.
The most recent action taken by the Private Sector Commission (PSC) was the presentation of a petition to members of the National Assembly to pass the Bill as a “matter of national and economic priority”.
The Parliament Office yesterday issued a supplementary order paper for tomorrow’s sitting in which it said the presentation of petitions will be done as a supplementary business on that day.
The PSC said while it notes the concerns expressed by the Opposition parties, no written submissions have been forthcoming as they relate to adjustments to the bill as deemed amendable by the political Opposition.
Additionally, the PSC stated, whilst the Bill has been reviewed by the Caribbean Financial Action Task Force (CFATF) and has been deemed acceptable, it has been with the Special Select Committee of Parliament for approximately six months.
The AML/CFT Bill was first tabled in Parliament on April 22, 2013.
The PSC, according to a government statement, reiterated that failure to enact the legislation will result in the blacklisting of Guyana by other countries which will result in severe hardship for the business community and ordinary citizens of Guyana.
The petition also pointed to the repercussions Guyana will face as a result of being black listed, observing that foreign banks have already begun to sever ties with local banks and branches. It was also pointed out that remittances, which make up 40% of the Gross Domestic Product, will be reduced to the detriment of poorer citizens.
It was pointed out that foreign payments regarding goods and services will become difficult, causing delays in imports. Additionally, investors will leave Guyana, bringing a halt to the growth in the economy.
The PSC, a business body, said that the petitioning members are the Aircraft Owners Association of Guyana; Forest Products Association of Guyana; Georgetown Chamber of Commerce and Industry; Guyana Association of Bankers; Guyana Gold and Diamond Miners Association; Guyana Association of Private Security Organisations; Guyana Manufacturing and Services Association; Guyana Association of Trawler Owners and Seafood Processors; Institute of Private Enterprise Development; Linden Chamber of Commerce, Industry  and Development; National Aquaculture Association of Guyana; Rupununi Chamber of Commerce and Industry; Shipping Association of Guyana; Consultative Association of Guyanese Industry Ltd; Tourism and Hospitality Association of Guyana; Upper Corentyne Chamber of Commerce and Industry; and Central Corentyne Chamber of Commerce.
Minister of Legal Affairs and Attorney General Anil Nandlall said recently that the only window of opportunity for Guyana is for the delegation in November to attend the CFATF meeting with the AMLCFT Bill in hand, which has been passed into law, then it will not be able to prevent the draft report from being adopted.
Opposition Leader David Granger has said A Partnership for National Unity will not be supporting the amendments to the Bill, due to their absence in the entire process, and the need for it to be properly done. The Alliance For Change (AFC) on the other hand said it will support the Bill, but has stipulated that it will only do so on condition that Government moves to set up the Public Procurement Commission (PPC).