Implementing non-legislative aspects of CFATF’s recommendations is Gov’t’s only choice – Ramotar

President Donald Ramotar yesterday said that while the political Opposition continues to dawdle with regards to the passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AMLCFT) (Amendment) Bill, his Government is moving ahead to do all that is in its power to complete all the non-legislative aspects of the recommendations that were made by the Caribbean Financial Action Task force (CFATF). The Government has been and continues to make a case to CFATF and its parent body, the Financial Action Task Force (FATF) to as much as possible, stave off any further blacklisting. These efforts proved fruitful after the latter granted the country a breather at the end of its plenary meeting in June. The country has been subjected to undergo a targeted review which would entail work that would be conducted by FATF’s North American contingent until the time of reporting in October. The Government has been calling for a meeting of the select committee since before the Parliament went into recess on August 10, but is yet to receive a response to date. The Government even indicated that it was ready to meet during the recess, but the Opposition has refused. “We only have one choice and that is to do all that is required of us that are non-legislative…to establish all the systems to fight against money laundering and we will continue to try to struggle to ensure that our country is not further blacklisted because of the consequences that will flow. I cannot guarantee you, that we will succeed but that is the only option we have,” President Ramotar said. In terms of the legislative aspects, he reiterated that it is the political Opposition and not the Government that is obstructing its passage. One of the non-legislative aspects is the establishment and operationalisation of the Special Organised Crime Unit (SOCU), a process for which funding has already been approved, and is moving apace. SOCU is an investigative body that is intended to be Guyana’s response to its treaty obligation to investigate suspicious financial transactions that are related to money laundering. In terms of the impacts of the failure to enact the AML legislation, a number of companies, particularly those that depend on international transactions, have spoken of the rigorous processes with which they are confronted. President Ramotar said that this level of scrutiny cannot be escaped; since the word has already gone out that there are significant financial risks associated with Guyana and institutions are directed to take precautions.