APNU spurns gov’t offer of compromise on AML/CFT ‘sticking points’
WITH a mere five days to go before the Financial Action Task Force (FATF) meets next Monday, and only one sitting of the National Assembly scheduled before then, there is yet no indication whether Guyana will be able to have the controversial Anti-Money Laundering and the Countering of Financing of Terrorism (AML/CFT) (Amendment) Bill passed in time for the Paris meet.
According to Chair of the Parliamentary Special Select Committee reviewing the AML/CFT (Amendment) Bill, Gail Teixeira, the Committee was to have met Monday, but did not. “I called to get a meeting for Monday; the
intention was to get the Bill to Parliament and FATF meets,” she told the Guyana Chronicle yesterday.
She also disclosed that the Government, last Friday, indicated its willingness to compromise on the three “sticking points” that is holding up agreement on the Bill, but this was rejected by the Main Opposition.
“We were rebuffed; we did not have the kind of response from APNU… We tried to have a meeting to reach compromise; something Government was clear that it was willing to do. Unfortunately, it appears that APNU is either not interested or unable to accept our offer,” she said.
She said she went to great lengths to stress the urgency of having a Bill brought to the National Assembly, and pointed out that after the June 11 Select Committee meeting, there was only disagreement on three areas.
“What we have before the Committee is three versions of two Bills: The Government’s AML/CFT (Amendment) Bill; APNU’s draft amendments to the Principal AML/CFT Act; and the AG’s counter-proposals, which addressed the problem areas in APNU’s amendment,” Teixeira said.
She went on to explain that the “three sticking points” at reference have to do with governance, the role of the President, Ministers and that of the National Assembly.
She noted that while there is full agreement on the Government’s AML/CFT (Amendment) Bill, and 80 per cent agreement on APNU’s proposed amendments and the AG’s counter-proposals, APNU has indicated that it will not be able to meet until Friday, June 20.
‘We were rebuffed; we did not have the kind of response from APNU … We tried to have a meeting to reach compromise… unfortunately, it appears that APNU is either not interested or unable to accept our offer’ — Chair of the Parliamentary Special Select Committee, Gail Teixiera
“I have not responded to that,” she said, adding: “Last Friday, what happened was that we were unable to make contact with the persons from APNU and when we did we were questioned on the basis for the meeting, which was explained. We have some degree of agreement and can move forward.”
She also lamented the fact that the current state of affairs is indicative of history repeating itself. “Based on the fact that there was a level of agreement after the last meeting (June 11),” she said, “we proposed a compromise, in the hope that it would lead to some action on June 19, when the Parliament meets…
“The long and short of this is that APNU has rebuffed our willingness to compromise on the areas where there was disagreement, and said they are unavailable until June 20.”
FATF’s next plenary meeting is slated for June 23 to 25, 2014 in Paris, France, at which time the international body is likely to put Guyana up for review by its International Cooperation Review Group (ICRG).
Guyana was referred to FATF by the Caribbean Financial Action Task Force (CFATF) on May 29, as a result of which the nation is now grappling with regional blacklisting, as of last November, by CFATF, as well as the beginning of the implementation of counter-measures as advised by the regional watchdog.
Through a missive to its members, the counter-measures against Guyana that were advised by CFATF include: The requirement of enhanced due diligence measures; introducing enhanced reporting mechanisms or systematic reporting of financial transactions; refusing the establishment of subsidiaries or branches or representative offices in Guyana; and taking into account the fact that financial institutions from Guyana that do not have adequate AML/CFT systems and limit the business relationships or financial transactions with the country.
The enactment of the AML/CFT (Amendment) Bill before CFATF’s meet in May, by all accounts, could have averted Guyana’s referral to CFATF, particularly since the body noted that 90 per cent of the deficiencies identified are legislative in nature.
The Bill, to meet CFATF’s requirements, was tabled in the National Assembly in April 2013, but referred to a Parliamentary Special Select Committee and eventually voted down by the combined Opposition in November 2013. The Bill was re-tabled in December 2013, and again referred to the Parliamentary Special Select Committee, where it has been since.
(By Vanessa Narine)
excerpt from the Guyana Chronicle