The report therefore declares Guyana to be a non-compliant jurisdiction, and invites countries to take such counter-measures as they deem necessary to protect themselves from the money laundering and terrorism risks which Guyana poses.

THE November 18 deadline has seen increased calls for passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) Bill; and Presidential Advisor and People’s Progressive Party/Civic (PPP/C) Chief Whip, Ms Gail Teixeira, maintains that the Bill is ready to be presented to the National Assembly following its review by a Parliamentary Special Select Committee – a meeting at which Opposition Members of Parliament (MPs) were absent.

As Chairperson of the Special Select Committee on the AML/CFT Bill, Ms Teixeira is expected to present the committee’s report on the Bill on Thursday. Stakeholders from the financial sector, in particular, have expressed their concerns over the potential consequences of being blacklisted, should Guyana fail to implement the recommendations of the Caribbean Financial Action Task Force (CFATF).

JUSTIFICATION
However, Leader of the Opposition, Brigadier (ret’d) David Granger, told the Chronicle that the amendments on the table have to be justified. He said the Opposition is astonished that Government had proceeded on its own with the Bill.
“We made it clear that our MPs could not meet, so (we) were quite astonished that the Government is proceeding with the Act on its own….the Amendments have to be justified…. This one is too porous, it is too weak, it is too flimsy,” he said.
Granger said the principal Act was passed more than four years ago, and while the CFATF had criticised the enforcement of the bill and the function of the Financial Intelligence Unit (FIU), which he termed critical to the Act, no case has been brought under the Act.
Granger said, “No reports have been submitted to the National Assembly by the FIU, and no prosecutions have been brought under the Act, as far as I know.
So it was quite laughable that (for) four years we had this Act, and the business community knew it was not functioning and the Government knew it was not functioning, the international community knew it was not functioning…. Only when threatened by sanctions the Government decided to bring the Act back.
“The Opposition’s position is that we want to give stakeholders (opportunity) to provide advice and opinions on the Act, and as far as I know, this is what we have been doing.”
Deputy Speaker of the National Assembly, Ms Deborah Backer, also spoke to this newspaper about the issue.

NON-SUPPORT
She said, “I think it is as clear as day [that] the Government has put us in a position that the Opposition will not support the bill when it comes to the floor.
“We cannot support this, it is impossible…,” Backer declared.
Backer acknowledged that, with the impending sanctions, it is a tough call, but she maintained that the bigger picture has to be considered. She said, “To an extent, with the sanctions, it is a tough call….We are satisfied that, from our research, the small people, those receiving money from family through Western Union and so, will not be affected. It is the big people, who will have to do much more.”
The Deputy Speaker also noted that changes to Guyana’s legislation cannot be made without proper consideration. “We will also be writing to CFATF about (the) shortsightedness of such a move…. We cannot change the Act just to meet the requirements of CFATF,” Backer said.

PRIVATE SECTOR PETITION
Leading the ‘pressure’ for passage of the crucial piece of legislation has been the Private Sector Commission (PSC), which, last week, issued a petition to members of the National Assembly to “consider, make any necessary adjustments and pass” the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill of 2013.
Though the Alliance For Change (AFC) have indicated their support for the bill, Granger has said the APNU coalition 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.
However, the PSC, which represents 17 business organisations across Guyana, and the interests of 21 corporate entities, including all  manufacturing companies, said it is mindful of the severe economic consequences of failure to enact the aforesaid bill, and respectfully requests the National Assembly to pass the legislation as a matter of national and economic priority.
In the petition, the following business organisations across Guyana were listed as being represented by the PSC: Aircraft Owners 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 Industry, Commerce 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.
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.
The PSC 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 the ordinary citizens of Guyana.

RISE ABOVE PARTISAN POLITICS
Minister of Finance Dr. Ashni Singh has repeatedly called on Guyanese to rise above partisan politics, particularly when it comes to matters such as the protection of international credibility of the country’s financial system.
Speaking at the recent commissioning of Republic Bank’s Lethem branch, the Finance Minister said the AMLCFT (amendment) Bill is by no measure contentious and should have benefited from smooth passage in the National Assembly.
“This is a matter that affects everyone, and it is of sufficient importance to the strength and stability of our financial system as not to be made subject of a political contest. There are certain things that must be guarded and placed at a level of priority beyond partisan politics,” the Finance Minister declared.
He spoke of the well-managed, sound financial sector that has contributed significantly to economic growth; but noted however, that this stability cannot be taken for granted.

PRESIDENT APPEALS
As Parliament prepares to reconvene sittings of the House on Thursday, calls have been made, by various sections of society, for the combined Opposition to also be supportive of the legislation that would bring Guyana in line with other Caribbean countries.
President Donald Ramotar has also called on all Guyanese to stand by the government and show support for the AMLCFT Bill.
President Ramotar said many of the arguments put forward by the Opposition parties, with regard to the bill, are being deliberately made more complicated than they actually are.
He explained: “This bill is to bring our legislation at the same level as the rest of the Caribbean’s legislation to fight against money laundering, drug trafficking…it’s to close all loopholes where people are getting illicit funds, either from drug trafficking or whatever…so all the countries in the Region will have one legislation.”
Ramotar reiterated that, if the bill is not passed, many of the banks and financial institutions would have serious problems in doing business, especially on the international front.
“That is why your understanding and your support for these things is extremely important,” he emphasised.

LOOMING DEADLINE
Having missed the August 26 deadline set by the Caribbean Financial Action Task Force (CFATF) for the Bill to be passed, Guyana was, nevertheless, successful in securing an extension.
CFATF has already prepared a draft report on Guyana, which will be adopted at its plenary meeting, scheduled to be held on November 18 in The Bahamas.
The conclusion of this draft report states that Guyana has not implemented the requisite recommendations, and the Guyana AML/CTF Bill which embodies those recommendations is still languishing in the Guyana Parliament.
Unless the AML/CFT Bill in Parliament is passed before November 18, Guyana will be unable to prevent that draft report from being adopted.
The AML/CFT Bill was first tabled in Parliament on April 22.

excerpts from the Guyanachronicle