GADAHAS RUNNING GUYANA!!!!!!!!!!!

Brilliant piece of writing by Anil there.  And very informative.  The PNC guys should read his and learn how the process works.  This is a serious matter that will have economic consequences on Guyana.

As Caribny rightly pointed out, American banks are pulling out of many Caribbean countries, not only Guyana. I'm surprised that the clown Nandlall doesn't know this but they will use any event like this and spin it for political gains.

http://demerarawaves.com/2016/...t-banking-relations/

Caricom to lobby US against cancelling correspondent banking relations

Posted by: Denis Chabrol in Business, News July 7, 2016 1 Comment

Jamaica’s Prime Minister, Andrew Holness (centre) briefing reporters about the outcome of the Caricom Summit that was held in Guyana from July 4 to 6, 2016.

Caribbean Community (Caricom) leaders on Wednesday agreed to aggressively lobby the United States (US) to stop pushing American financial institutions to cancel  correspondent banking with financial institutions in the region for fear that dirty money could leak into the system.

“We have advanced on this matter in terms of agreeing that we should seek to lobby directly the US government and to increase our voice in various international fora and indeed to enlist the support of friendly countries on our behalf,” Jamaica’s Prime Minister, Andrew Holness told a news conference in Guyana where Caricom leaders held their annual three-day summit.

He said if American banks continue to cut ties with their counterparts in the Caribbean, the region’s economy- which depends on trade, financial services and tourism- could face dire consequences.  He argued that maintaining correspondent relations between American and Caribbean banks was key to maintaining and investment-friendly environment.

“The matter is one that could lock out the Caribbean from the international financial system if it is not addressed,” he said.  Holness acknowledged some Caribbean countries have not complied with international standards to seal off their banks from funds that could be used by terrorists and money launderers.

The Jamaican Prime Minister said the US should not only be interested in imposing financial requirements but also that Caribbean economies are buoyant, stable and attractive. “Any threat to the banking sector is not just a threat to the economies of the Caribbean, it is also a threat to the economy of the United States so I think will reason will prevail. Our voice needs to be a little louder so that the people who matter and make the decision hear,” he said.

Authorities said all of the commercial banks in the Central American nation of Belize have been blacklisted by US banks. Holness called on the US to “reward” countries that have made significant improvements to monitor and detect suspicious transactions.

Antigua and Barbuda’s Prime Minister, Gaston Browne noted that banks in each Caribbean country has had at least one bank’s correspondent relationship cut off from the US. He said in one case, all international transactions had to pass through a country’s central bank.

Caricom countries have already expressed concern that if such banking ties are cut off, Caribbean commercial banks might have to route international money transfer transactions through China or Turkey which could in turn increase cost of living due to higher charges.

Caricom leaders met in Guyana from July 4 to 6 to discuss a range of issues including security, the status of the European Union-styled Caribbean Single Market, the impact of BREXIT and relations with Cuba and the Dominican Republic.

Which other Caribbean countries did Bank of America sever ties with?

Bibi Haniffa posted:

Which other Caribbean countries did Bank of America sever ties with?

Did you read the article? Several American banks are severing their relationships with Caribbean countries. I don't keep track of them on an individual basis. It is a serious concern for Caricom and that's why they raised this very issue at the recently concluded summit. 

Bibi Haniffa posted:

Bank of America and Guyana’s AML/CFT travails

The leading headline in Guyana Times on the 7th of July, 2016, reads “AML/CFT concerns… Bank of America severs tie...s with Guyana”. As Attorney- General and Minister with responsibility over Guyana’s AML/CFT compliance regime, I spent the greater part of three years battling with the Joint Opposition, in vain, to secure their support in the National Assembly in order to enact changes to our laws to make Guyana compliant with international standards in respect of Guyana’s AML/CFT regime. It would be an act of selfishness if I do not acknowledge the efforts of my colleagues in Government. From the President right down, we persevered relentlessly. We explained at every fora available, the dangers to which our nation’s financial and commercial sectors will be exposed. We warned of the great volume of background information which will have to be supplied in relation to financial transactions both locally and across borders. We highlighted the unnecessary expenditures which will be incurred to do business across international borders. We emphasized the severance of relations that would take place between banks in other countries and local bank. We predicted that international trade and commerce between local businesses and those across our borders will decline.

We enlisted on our side, the diplomatic community, the entire private sector, the labour movement, the religious organizations and almost every civil society organization of worth. We spent over a year haggling in a Special Select Committee. We had several meetings at the highest political level- all being done to procure the Joint Opposition’s support in the National Assembly to pass the relevant legislation. They refused to budge. They held the nation to ransom. At every meeting their political demands increased. They accuse us of creating panic in the country. They claimed that we are crying wolf; that nothing will happen if the Bills are not passed.

In the end, they reduced this fundamental national issue to that of a political football. They voted down the required AMLCFT Bill twice in the Tenth Parliament. They caused CFATF to issue a series of adverse Public Statements against Guyana, informing the world that Guyana poses a threat to the global financial structures and warned countries to take the necessary steps to protect their financial landscape from the threat posed by Guyana’s financial sector. The CARICOM region and indeed the world took note. They implemented counter-measures against Guyana. It is now a nightmare to transact business with the local banking sectors. Businessmen can relate the ordeal which they endure daily to conduct simple business transactions.

As a result, the Financial Action Task Force (FATF) begun a review process of Guyana. Thus, Guyana is stained globally as a country that encourages money laundering and terrorism. A year after assuming the reins of Government, this very Joint Opposition, now in government with a controlling Parliament has been unable to extricate Guyana from the morass in which they have dumped us. The Attorney-General appears shockingly clueless on how to propel the nation out of this state of international delinquency. As if he is on a trial and error mission, he piloted four Bills, thus far, through the National Assembly. Instead of advancing out of the process, we seem to be backsliding. The level of incompetence is remarkable. He still, clumsily, blames the PPP/C administration for the technical deficiencies which afflict our system. A few days ago, he boldly informs the nation that we shall soon exit the review process. Again, this Minister is in a state of perpetual confusion on this issue. How is it possible for us to be exiting the review process and at the same time a huge bank, like Bank of America, who stayed with us all this while, has bid us good-bye, although, we will soon become compliant? It does not make sense. Someone is lying through their teeth. We continue to reel from the consequences of being an AML/CFT delinquent nation .

I have already disclosed that FATF’s latest Public Statement on Guyana contradicts the impression conveyed by the Attorney- General that we are exiting the FATF review process. I have also disclosed that the FATF has most likely been misled because in their Public Statement they speak to Guyana having established “a fully operational and effectively functioning Financial Intelligence Unit”. This is the farthest from the truth. Guyana’s FIU exists on paper only. When CFATF and FATF realize that they have been misled the situation will only get worse. In the end, no matter from what perspective this matter is examined, the unassailable truth is that the APNU+AFC are responsible for the position Guyana finds itself in regarding our delinquent AML/CFT status.

Mohabir Anil Nandlall

Dated 08th July, 2016.

well written by the CHATREE.

Mars posted:

Bibi Haniffa posted:

Which other Caribbean countries did Bank of America sever ties with?

Did you read the article? Several American banks are severing their relationships with Caribbean countries. I don't keep track of them on an individual basis. It is a serious concern for Caricom and that's why they raised this very issue at the recently concluded summit. 

Several countries in the region were blacklisted but Bank of America still has relations with them.  Their status is under review.  And I am sure those countries will work with the bank to adhere with compliance issues so as to remain a business partner.

Bibi Haniffa posted:

Mars posted:

Bibi Haniffa posted:

Which other Caribbean countries did Bank of America sever ties with?

Did you read the article? Several American banks are severing their relationships with Caribbean countries. I don't keep track of them on an individual basis. It is a serious concern for Caricom and that's why they raised this very issue at the recently concluded summit. 

Several countries in the region were blacklisted but Bank of America still has relations with them.  Their status is under review.  And I am sure those countries will work with the bank to adhere with compliance issues so as to remain a business partner.

Which specific Caricom country was blacklisted where BOA still maintains a relationship? Provide proof or else you're just talking out of your hat as you usually do.

Why worry about Bank of America?  Granger bringing back the Co-op Bank

IDIOTS running Guyana and has corresponding support on GNI

Mars posted:

As Caribny rightly pointed out, American banks are pulling out of many Caribbean countries, not only Guyana. I'm surprised that the clown Nandlall doesn't know this but they will use any event like this and spin it for political gains.

http://demerarawaves.com/2016/...t-banking-relations/

Caricom to lobby US against cancelling correspondent banking relations

Dem PPPites with blinders would have people believe that GUYANA is singled out.

BAnks in GY have caribbean connections like say Republic bank.

BTW Bank of Americ is one of the worst bank to deal with.

Nandalall and his cronies believe that if you tell a lie often then some poeple will believe it is the truth

Oh laaard, this Imam was only waiting for Roja month done to start cussing coolies!!!

Bank of America has also withdrawn its relationships with both Belize and Antigua. 

http://www.barbadosadvocate.co...mprovements-possible

IMPROVEMENTS POSSIBLE

Both Belize and Antigua have close ties with the current government.  Guess who is the Chief Justice of Belize, PNC boy Kenneth Benjamin, who is a dual national of Guyana and Antigua and Barbuda.

Remember that boat load of rice that rotted in the Belize harbor, he was the one they were counting on to run the show for them.  But Dean Barrow is a smart guy, he read their card.

Bibi Haniffa posted:

Both Belize and Antigua have close ties with the current government.  Guess who is the Chief Justice of Belize, PNC boy Kenneth Benjamin, who is a dual national of Guyana and Antigua and Barbuda.

Remember that boat load of rice that rotted in the Belize harbor, he was the one they were counting on to run the show for them.  But Dean Barrow is a smart guy, he read their card.

What does that have to do with the price of tea in China?

Bibi Haniffa posted:

Both Belize and Antigua have close ties with the current government.  Guess who is the Chief Justice of Belize, PNC boy Kenneth Benjamin, who is a dual national of Guyana and Antigua and Barbuda.

Remember that boat load of rice that rotted in the Belize harbor, he was the one they were counting on to run the show for them.  But Dean Barrow is a smart guy, he read their card.

QC Boy Bibibski.....your loving QC

Some good points raised by Anil

Oi Bibi, I hear you got a hat.