Anti-Money Laundering Bill: AG Nandlall to "beg" for compliance extension | | Print | |
Written by Kwesi Isles |
Wednesday, 22 May 2013 21:54 |
The Guyana government says it will be looking to secure an extension to later this year for compliance with international anti-money laundering regulations given the parliamentary opposition’s seeming disinclination to have the local law amended by month end in keeping with requirements. The Caribbean Financial Action Task Force (CFATF) has mandated Guyana to strengthen its Anti-Money Laundering and Countering Financing of Terrorism Act in keeping with international standards with non-compliance likely to result in sanctions if not done by the May 26-30 plenary meeting in Nicaragua. Attorney General Anil Nandlall in an invited comment told Demerara Waves Online News that the administration had explained the possible outcomes of the legislation to a visiting CFATF team in light of the opposition’s control of the parliament. "We will ask for an extension of time, hopefully by November. We will outline all the steps and efforts that government would have taken so far and we will submit the relevant documentation," Nandlall said. He will be a part of the team heading to Nicaragua next week to plead Guyana’s case. With the global Financial Action Task Force (FATF) expected to meet in France in June, the Attorney General said he hoped that a favourable consideration for an extension would be fed into the meeting in Paris. Cabinet Secretary Dr. Roger had said earlier in the day that Guyana had no choice but to beg given the opposition parties’ reluctance to pass the amendments. “It is quite clear that the likelihood that he (Nandlall) would be taking to the Managua meeting an assented copy of the anti-money laundering amendment bill along with those other undertakings that Guyana would have met in terms of the requirements flowing from the most recent evaluation by the CFATF, I can’t see him going there to do more than plead and for all intents and purposes, beg, cajole, what else could he be doing …” Dr. Luncheon stated. The APNU has withheld its support for the bill on the grounds that it needed more time and information to ensure that Guyana had a proper law in place while the AFC withheld its support as leverage for the set up of the long awaited Public Procurement Commission and the president’s assent to two opposition bills he recently rejected. Together the parties control 33 of the 65 seats in the National Assembly. |