FATF ignores Guyana in latest review

…country gets no mention

By Gary Eleazar

After weeks of prolonged hue and cry about the cataclysmic effects of certain international blacklisting of Guyana by the Financial Action Taskforce (FATF), the taskforce completed its Plenary in Paris, France, yesterday but there was no mention of Guyana in its final report. In fact, it was Japan that gained the centre of attention when FATF issued its report as part of its ongoing work to identify jurisdictions that may pose a risk to the international financial system. Guyana was referred to FATF after the Caribbean Financial Action Taskforce (CFATF) found that Guyana had been non compliant with its recommendations, specifically the non passage of the Anti Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill. Head of State Donald Ramotar, prior to the commencement of the FAFT review, called upon the Opposition to unconditionally pass AML/CFT Bill, to limit the harm already done when the Country was blacklisted regionally by CFATF. FATF began its plenary meeting on Monday last and concluded yesterday. In its review it issued a statement calling on Japan to enact adequate anti-money laundering and counter terrorist financing legislation. Last November, the Caribbean Financial Action Taskforce (CFATF) issued a public statement with regard to two of its members —Belize and Guyana. The CFATF statement on Guyana had said that while Guyana made efforts to address its deficiencies, it has not taken sufficient steps towards reforms. CFATF at the time was adamant that Guyana must pass the relevant legislation and implement all the outstanding issues within its Action Plan, including fully criminalizing money laundering and terrorist financing offences; addressing all the requirements on beneficial ownership; strengthening the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets, and fully implementing the UN conventions. Guyana is yet to meet the legislative obligations namely the passage of the Anti Money Laundering and Countering the Financing of Terrorism Amendment Bill. The political opposition is adamant that its demands must be met before the successful passage of the AML/CFT Bill. Among the conditions set by A Partnership for National Unity (APNU) is the assent of a number of pieces of legislation related to the hosting of Local Government Elections among other demands. The Alliance For Change is demanding the establishment of the Public Procurement Commission. The AML/CFT Bill is still currently engaging the attention of a Special Select Committee. At least one member of the committee yesterday confirmed that the work of the Committee currently centers on the amendments submitted by Government through the Attorney General. APNU had submitted three substantive amendments to the Bill that had been bought to the House. It argued that the coalition wanted to strengthen the legislation with a view to seeing greater enforcement of the law. Opposition Leader Brigadier (Rtd), David Granger, is on record as stating that the legislation has been on the books for a number of years and that there is to date not a single prosecution in relation to money laundering in Guyana. While the committee has completed a review of the proposed amendments by APNU, the Attorney General had submitted some counter amendments that are currently the subject of review. Head of the Presidential Secretariat, Dr. Roger Luncheon, on Wednesday did express some amount of optimism that Guyana would not be blacklisted internationally given the unique situation being faced. He drew reference to the unique situation in Guyana where Government desires CFATF/FATF compliant legislation but it was the opposition that was the main hurdle preventing the passage of the legislation.