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FM
Former Member

The plan to sabotage Guyana via blocking the anit money laundering bill to be in compliance with CFATF new rules have been averted at least for now. This has taken some of the wind out of the sails of the opposition. But the question remains, will the opposition continue to make excuses to block the bill?

Guyana averts sanctions

May 30, 2013 | By | Filed Under News

 

…Must pass anti-money laundering legislation by November

The government has been successful in buying more time from the Caribbean Financial Action Task Force to amend laws against financial crimes, therefore avoiding being put on a financial blacklist. Speaking in Port of Spain Trinidad, yesterday, President Donald Ramotar confirmed that Guyana now has until November to bring up to speed, laws governing the financial crimes of money laundering and financing of terrorism. Ramotar had dispatched Attorney General Anil Nandlall to Nicaragua where the country was expected to inform the Caribbean Financial Action Task Force about Guyana’s progress in countering financial crimes. The Head of the Financial Intelligence Unit, Paul Geer, was leading Guyana’s delegation, but with the government failing to rush the opposition to make amendments to various pieces of legislation, Nandlall was added to the team to plead for more time. The government wanted the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2013 (AML/CFT) passed before it faced the Caribbean Financial Action Task Force (CFATF) review panel in Managua. The Task Force is an arm of the International Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, among other financial crimes. The CFATF had required that the country amend a range of laws. Amendments to the various laws were lumped together and taken to the House as one Bill. The Bill is now with a Special Parliamentary Select Committee. When that Committee completes its work it will take its report to the full House for a vote. Ramotar hopes that the June 12 meeting would be the last. He does not believe there is a great deal of work left to be done. The government had insisted that without passing the amendments before Guyana faces the review, there would have been severe sanctions that would have a range of implications for the financial sector especially, including humbugs in the flow of international funds, such as remittances and wire transfers. The seven-seat Alliance for Change (AFC), which holds the balance of power in the National Assembly, is sticking to its demands. The party has said that it would exchange its support for the amendments only if the government provides a definitive deadline for the setting up of the Public Procurement Commission and if the President re-considers assenting to two Bills which were brought to the House by the opposition and passed.

 

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Its as clear as day to see, the main aim of the joint opposition was to hurt Guyana, but good sense prevail,and Guyana's deadline was extended, indeed that would have taken the wind out of the opposition's sail

FM
Originally Posted by BGurd_See:

The plan to sabotage Guyana via blocking the anit money laundering bill to be in compliance with CFATF new rules have been averted at least for now.

 

This has taken some of the wind out of the sails of the opposition.

 

But the question remains, will the opposition continue to make excuses to block the bill?

The wind in their sails will rapidly diminish.

 

They will continue to make all excuses until the next election when their number of seats in Parliament will diminish.

FM
Originally Posted by Conscience:

Its as clear as day to see, the main aim of the joint opposition was to hurt Guyana, but good sense prevail,and Guyana's deadline was extended, indeed that would have taken the wind out of the opposition's sail

Councie, would it be better for Ramouthar to deal with the AFC or embrace the likes of Lumumba and the other PNC thugs?

 

Councie you seem to forget PPP=PNC.

Mitwah
Originally Posted by Conscience:

Its as clear as day to see, the main aim of the joint opposition was to hurt Guyana, but good sense prevail,and Guyana's deadline was extended, indeed that would have taken the wind out of the opposition's sail

So, you're saying the opposition has the wind in there sails now,correct

 

cain

The opposition party - PNC with its appendix AFC - can gain valuable points and support if they would address and indeed oppose proposals based on valid and sound issues.

 

Their current approach in this administration is rapidly going downwards.

FM

Cockeye and bruckup Granger looking to protect their drug friends who have loud money to launder. That is why they pretend that they have other issues with the bill. If Ramoutar was smart he would call for an immediate snap elections to rectify this problem he has been facing with parliament. However that being said, it would not hurt the nation if some of the bills brought forward by cockeye and his crew were also passed. 

FM
Originally Posted by BGurd_See:

Cockeye and bruckup Granger looking to protect their drug friends who have loud money to launder. That is why they pretend that they have other issues with the bill. If Ramoutar was smart he would call for an immediate snap elections to rectify this problem he has been facing with parliament. However that being said, it would not hurt the nation if some of the bills brought forward by cockeye and his crew were also passed. 

any bill that is good for the country should be pass the country come first and that is the opposition bills and the government bills as a guyanese you must fight for what is right for your country not your party

FM
Originally Posted by Conscience:

Its as clear as day to see, the main aim of the joint opposition was to hurt Guyana, but good sense prevail,and Guyana's deadline was extended, indeed that would have taken the wind out of the opposition's sail

 The opposition is fighting for accountability and weighing the necessity for internal accountability for the nation's finances against the show of concern for international regulations which even if not agreed with will not hurt Guyana as much as the thievery of the nations assets.

 

If the PPP were concerned with Guyana  they would be concerned with policies for accountable management of the nations funds. This crocodile tears about international obligations is to mask its craven looting of the nations finances and resistance to accountability.

FM
Originally Posted by Conscience:

The joint opposition was sailing to have Guyana blacklisted, much to the displeasure of the Guyanese populace

what if Guyana is blacklisted? It simply means they will have extra external scrutiny of financial exchanges. However, the lack of internal accountability means the PPP gets fat with stealing.

FM

Anti-money laundering legislation…Regional body threatens sanctions if November deadline not met

May 31, 2013 | By | Filed Under News 

 

 

A regional body overseeing the implementation of counter measures to halt the flow of dirty money has warned Guyana of sanctions if the country fails to meet a revised deadline of November.
Guyana was this week allowed an extension by the Caribbean Financial Action Task Force (CFATF), after the National Assembly failed to pass key legislation in time for a critical evaluation meeting in Managua, Nicaragua.
A statement by the 29-state organization sends a clear message of how serious the legislation is to help countries track illegal money.
“If Guyana does not take specific steps by November 2013, then the CFATF will identify Guyana as not taking sufficient steps to address its AML/CFT deficiencies and will take the additional steps of calling upon its members to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana, and at that time CFATF will consider referring Guyana to the Financial Action Task Force International Cooperation Review Group (FATF ICRG),” the regional body said.
Guyana, in a last-ditch effort to avert sanctions, sent Attorney General Anil Nandlall, and Paul Geer, head of the Financial Intelligence Unit (FIU), the entity which is tasked locally with investigating money crimes, to Nicaragua to ask a review panel for an extension.
The Opposition refused to pass amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2013 (AML/CFT), claiming it wants to review it first. It was sent to a Special Select Committee.
The Opposition – A Partnership for National Unity (APNU) and Alliance For Change (AFC) – accused the government of dragging its feet and waiting for the last moment to bring it before the National Assembly.
According to the CFATF statement, in November 2011, the body brought to the attention of its member states, including Guyana, that there were significant strategic deficiencies in their AML/CFT regime.
“With a view to encouraging expeditious rectification of the identified strategic deficiencies, the CFATF, in conjunction with Guyana, developed an action plan with identified target dates to address the strategic deficiencies that existed in its national architecture to combat money laundering and the financing of terrorism.”
CFATF acknowledged that Guyana took steps towards improving its AML/CFT compliance regime, including strengthening its record-keeping requirements and functionality of its Financial Intelligence Unit.
But Guyana failed in making critical changes to its particular laws.
“However, the CFATF has determined that Guyana has failed to make sufficient progress in addressing its significant strategic AML/CFT deficiencies, including certain legislative reforms.” The body noted that Guyana has introduced an amendment bill into Parliament to address the deficiencies. “CFATF encourages Guyana to urgently approve and implement these legislative amendments.”
The Caribbean Financial Action Task Force (CFATF) is an organisation of 29 states of the Caribbean Basin which have agreed to implement common countermeasures to address the problem of criminal money laundering. It was established as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992.
The amendment to the law is designed to force better record-keeping of financial transactions by money transfer agencies, banks, cambios and other financial institutions, to flag suspicious activities. It will also strengthen the capacity of countries to prosecute and even seize assets that are proceeds of illegal activities, including drugs and arms smuggling.
CFATF and other similar agencies believe that by targeting the money trail, it would hamper drug trafficking and other illegal activities.
Guyana has not made any notable arrests for money laundering or seen any major seizures of assets that came from money laundering activities.

Mitwah
Originally Posted by Danyael:
Originally Posted by Conscience:

The joint opposition was sailing to have Guyana blacklisted, much to the displeasure of the Guyanese populace

what if Guyana is blacklisted? It simply means they will have extra external scrutiny of financial exchanges. However, the lack of internal accountability means the PPP gets fat with stealing.


Your assmptions are not correct, this will be a barrier to businesses which use international banks to conduct transactions. You small time thinkers are a danger to Guyana, this is far different from cash transactions in a dollar store.

It is not simply delays but being prevented from conducting transactions.

FM
Originally Posted by Danyael:
Originally Posted by Conscience:

The joint opposition was sailing to have Guyana blacklisted, much to the displeasure of the Guyanese populace

what if Guyana is blacklisted? It simply means they will have extra external scrutiny of financial exchanges. However, the lack of internal accountability means the PPP gets fat with stealing.

THis is a NEW LOW for STUPIDITY and IGNORANCE on GNI!!

Nehru
Originally Posted by Conscience:

Its as clear as day to see, the main aim of the joint opposition was to hurt Guyana, but good sense prevail,and Guyana's deadline was extended, indeed that would have taken the wind out of the opposition's sail


So why doesn't the PPP do what the opposition is asking them to do, which was to engage in Transparent discussion of this. 

 

 

The PPP needs to understand that they no longer have  a mandate to do as they please.  They are a minority govt and ought to behave like one.

FM

The A.P.N.U/A.F.C needs to stop playing partisan politics, get their act together, and put their shoulder to the wheel by assisting the democratically elected govt, in their quest in putting Guyana first.

FM

GUYANA was examined at the Caribbean Financial Action Task Force (CFATF) meeting on May 27 in Nicaragua, as was expected,and according to Attorney General
and Minister of Legal Affairs Anil Nandlall, who led Guyana’s delegation with the mandate to seek an extension to the deadline for meeting the Taskforce’s recommendations in implementing the anti-money laundering legislation, the local delegation reported the country’s position and what has to be done to effect the recommendations which have been made.

In reporting to the media yesterday on Guyana’s mission, he said, “the people who are doing this assessment…they have very little time for the little political games we are playing here. They have a very strict regime that they use, you either meet the deadline or you don’t meet the deadline. If you have not met the deadline, why haven’t you met the deadline? If they believe that you have demonstrated bona fides and commitment, they give you a second chance. If you don’t meet the deadline on the second occasion, that’s it! They are absolutely unconcerned about what is going on in Guyana’s Parliament and who believes there is a constitutional crisis and who wants a procurement commission…they couldn’t  care less about these things…they have a task to perform, they have certain criteria that have to be met and if you don’t meet them, then you face the consequences. They are very unattached to the political ramifications and nuances which are taking place in Guyana. ”
The team outlined progress made outside of the legislative changes, the minister reported. “This included the hiring of additional staff; the establishment of supervisory authorities, to supervise and monitor the activities of all money transfer agencies, financial institutions, credit unions, and all the other agencies which they had recommended.”
In addition, the CFATF, in their own report, said that 90% or more of the recommendations which they have made are of a legislative nature. Guyana in turn submitted to the Taskforce that the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Bill captures these.
CFATF agreed that the bill does capture the recommendations, about 90% of them Minister Nandlall said, and added that the CFATF was also told that the bill has been laid in the National Assembly.
“We explained of course the configuration of the National Assembly and that the government does not enjoy the majority…that a motion was moved from the floor by the Opposition that the matter be sent to select committee. We explained of course that the government objected to it, explaining the exigencies of the time constraints that we are under in relation to this matter. Notwithstanding our best pleas, a vote was taken from the floor and the matter was referred to select committee. At the select committee, of course, we outlined the government’s every effort in the committee to expedite the hearing and we explained why the hearings of the select committee were not concluded before the deadline date.”
The minister said that the Guyana team also outlined the Opposition’s several requests, which were conceded to, because they involved provision of documents etc., but they wanted public hearings and they wanted submissions to come from members of the public and interested stakeholders.
“We renewed and restated the government’s absolute commitment to ensure that this legislation is passed in keeping with the recommendations, but that we are however, basically at the mercy of the Opposition because they control the National Assembly. As a result, they appreciated government’s effort thus far, and the progress made, and they said that they are giving us until the November meeting to get that done,” Minister Nandlall stated.
He emphasized, however, that in this regard, “it doesn’t mean that we have to wait until November. We have to get this thing completed for the November meeting, and a period of time has to be given for them to examine the legislation to see that it conforms to the recommendations. Of course, I am aware of an impending Parliamentary recess which is to take place in mid-August for nearly a month that will take us way into September. I hope we can complete the consideration of this Bill and have it passed by the National Assembly before Parliament goes into recess so that we have sufficient time to send it to them so that it can be assessed,” he said.
He explained that Dominica and Belize were both granted extensions until the June meeting; Dominica, because their legislation was passed late, and Belize because that country had just had national elections.
Dominica, the AG said, was not removed from consideration, because the CAFTF said very clearly that they needed time to assess the BILL to see that Dominica has conformed.
“This point demonstrates that we have to do it within sufficient time, that we don’t lay back and wait until November, that we begin to work as early as possible and have it concluded before Parliament goes into recess,” Minister Nandlall said.
Aghast
Regarding the Alliance for Change’s (AFC’s) call for a report on the Nicaragua meeting, the AG said, “I am reporting here, if the AFC wants more information, I guess they would write and ask. I don’t know what more information they would want,” the minister stated.
He added, “The Leader of the Opposition wrote to the Managua meeting, and I observed that he didn’t give a commitment. Though he says that the Opposition appreciates the importance of effecting the amendments, he didn’t say that the Opposition is committed to have it passed within the time frame. He went on to deal with a host of other issues, most of which are irrelevant to the passage of the legislation. He speaks of compromises and other areas which are wholly unconnected with it.”
Minister Nandlall explained that many persons to whom he spoke privately at the meeting “were aghast and absolutely shocked that the opposition is taking the position that they are taking in Guyana. No one can really fathom how such an important issue can be made to be a political issue when it is the national interest that is involved; there are many other issues which you can play politics with. The meeting itself was quite surprised that the Opposition in the Guyanese Parliament is taking the position which it has taken.” (GINA)

FM

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