AMLC/FT Bill standoff…. Guyana to know fate on October 30 –via FATF Website
FOLLOWING the discouraging outcome of the October 15 meeting of the Select Committee, the Government is hoping for favourable pronouncements by the Financial Action Task Force (FATF).
The international body’s plenary meeting is scheduled for October 18-24 in Paris, France.
Head of the Presidential Secretariat, Dr. Roger Luncheon at his weekly post-Cabinet meeting at the Office of the President yesterday said that Guyana’s fate will be made known on FATF’s website on Thursday, October 30.
FATF’s decision will be based on their consideration of the recommendations from the targeted review which Guyana underwent. That targeted review concluded with an engagement in Miami, Florida with the Americas Regional Review Group (ARRG) in late September.
Guyana’s delegation to FATF’s plenary next week will be headed by Attorney-General and Minister of Legal Affairs, Mr Anil Nandlall. At that forum, the recommendations that came out of the targeted review will be presented and discussed; at the end of the meet, the International Co-operation Review Group (ICRG) is expected to make a decision for adoption by FATF.
Dr. Luncheon explained that once adopted, this decision will be binding, as it would outline FATF’s views and instructions regarding the way Guyana is to be treated by the other FATF member-countries worldwide.
“Guyana remains hopeful that those decisions and the conclusions of FATF would not see a worsening of the level of blacklisting that is currently visited on Guyana, by the other countries that subscribe to FATF,” the HPS said.
Meanwhile, efforts continue locally to achieve the 2010 objective of Caribbean Financial Action Task Force (CFATF) compliant Anti-Money Laundering legislation. In this regard, Government Ministries have collaborated in the preparation of documentation for the targeted review.
At the level of Parliament, Dr. Luncheon said the first select committee meeting since June earlier this year saw no changes in the Opposition’s earlier positions.
“They brought nothing new; and their aspirations of the Administration in having CFATF-compliant legislation were not furthered at that meeting,” Dr Luncheon said. (GINA)
