CFATF Financial Advisor Roger Hernandez
(Antigua Observer)A senior official of the Caribbean Financial Action Task Force (CFATF) says the proposed amendments by the opposition group, A Partnership for National Unity (APNU), to anti money and terrorism legislation could hurt Guyana.
CFATF Financial Advisor Roger Hernandez told reporters Friday night that he met with the members of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) parliamentary special select committee to address concerns expressed by APNU and the ruling People’s Progressive Party/Civic (PPP/C) on the legislation.
The government has expressed concern about APNU’s proposed amendments that would remove the powers of the Finance Minister to appoint the director of the Financial Intelligence Unit (FIU). The APNU wants the powers to be given to a committee of the National Assembly; coupled with the establishment of an Anti-Money Laundering Authority.
Hernandez said while CFATF, which has already blacklisted Guyana, does not get directly involved in the legislative process, it has concerns about some of the amendments proposed by the main opposition party.
“The concern that we have is that the amendments that were put forward may make those that were formerly compliant, non-compliant. There is a risk with that,” Hernandez said, adding that some of the other amendments proposed were outside the remit of the recommendations tabled by CFATF.
“We have no opinion on those things, because we only deal specifically with the recommendations, it is up to the legislatures to decide about those particular measures.”
However, he said the opposition was questioned about the effectiveness and ability to implement the amendments if passed into law. The pros and cons were outlined to members of the select committee and they must determine the best way forward.
The APNU has also accused the government of fabricating deadlines regarding the passage of the legislation.
But Hernandez told reporters that the deadline must be met and Guyana must submit a report to CFATF on its follow up process.
“Let it be known also that Guyana is not the only country required to submit information on their follow up process on February 28. This is a recommendation for all CFATF member countries that are within the follow up process.”
Hernandez said if Guyana fails to pass the AMLCFT (amendment) Bill, CFATF will decide in May whether to effectively nominate Guyana for the FATF ICRG review when it meets in June.
During that meeting, the international financial body will determine whether Guyana should be subjected to a prima facie review by the International Corporation Review Board.
extracted from http://www.newguymedia.com
