I never saw someone so happy that Banks will be closed in Guyana. Well I tell you NEEMAKARAM takes a whole NEW meaning.

…local businesses facing delayed access to finance – Dr. Ashni Singh   

Overseas banks are threatening to close accounts belonging to Guyanese and Guyanese businesses, according to Minster of Finance, Dr Ashni Singh.

Finance Minister
Dr Ashni Singh

The Minister was a part of the panel that held a press briefing earlier in the week where he stressed that as a result of Guyana’s current blacklisted status by the Caribbean Financial Action Task Force (CFATF), business transactions have been rendered more complicated.
Dr. Singh said he received a report from an individual who said that they were told that their account in an overseas bank would be closed if they continue to do transactions with Guyana.
“That is happening now,” according to the Finance Minister, who added that he was also in receipt of a report of overseas banks refusing to transfer funds until lengthy detailed information is provided.
This, he said, is putting pressure on local businesses, because they are being rendered into a position where they are unable to complete their transactions. He said that these businesses now have to incur additional costs.
Dr. Singh spoke too of financial challenges being incurred by local businesses because they are unable to have access to their money, ultimately placing the wellbeing of these businesses and the welfare of their workers in jeopardy.
“That is a fact that is occurring right now.”
“The opposition in my mind is being irresponsible and unreasonable in withholding their support for the substantive Bill,” said Dr. Singh, who was at the time lamenting the fact that the Alliance For Change (AFC) and A Partnership National Unity (APNU) have refused to return the Anti -Money Laundering and Countering the Financing of Terrorism Bill, without their amendments to the National Assembly for a vote.
The Minister told media operatives that the opposition has the majority in Parliament and were they to proceed with the current Bill, they could always bring their amendments at a later date.
He said that even if the opposition was unable to secure an agreement with the Government on their proposed amendments, APNU and the AFC hold the majority to take it to House and pass it, “they don’t need support of Government.”
As such, according to the Minister, there is no reason why they need to detain the Bill and await agreement on their amendments.
“So the deliberate act of detaining the CFATF-compliant Bill on account of these amendments is unnecessary and places Guyana in jeopardy.”
Dr. Singh was asked what guarantee the opposition has that the President would assent to their amendments were they to proceed with the Bill without their amendments and bring it at a later date.
He responded: “The President (Donald Ramotar) didn’t say that he is guaranteeing that their amendments would be enacted as is.”
Dr. Singh reminded that what the President said, was that he is willing to consult with CFATF and once that body endorses their amendments as recommendable and acceptable and will not place Guyana in default, then he is providing the Leader of the Opposition with the assurance that Government will support them.
He said that the caveat is that the amendments would not collide with CFATF and the Financial Action Task Force (CFATF) standards “and it’s obvious why he would want to insert that caveat.”
The Finance Minister said that no responsible Government would enact amendments that would bring Guyana “in default where prior, we were not in default.”
According to Dr. Singh, CFATF identified specific deficiencies that the Bill now seeks to address.
In defending the 2009 Act, which Government is now seeking to amend, Dr. Singh said that while CFATF did identify some deficiencies, it was a “strong piece of legislation”.
He said that the Act was very substantial and was the subject of intense deliberation.
According to the Minister, when the original Act was submitted it spent two years at the level of the Select Committee before it was unanimously approved by Government, AFC and APNU’s predecessor, the Peoples National Congress Reform.
Dr. Singh added that with the new amendments, the Act will certainly be strengthened further.

With increased emphasis on 'Anti Money Laundering' recently this does not apply to Guyana only but all countries.  I am sure the overseas banks are doing the necessary 'due diligence' that are causing them to question certain transactions. 

Wen yo have nuff dunce in de opposition dis go happen. Dunce in de government and dunce in de opposition. LOL

De opposition goh pay a price fo dis.