The opposition’s insistence on using the timely passage of crucial anti-money laundering legislation to gain political leverage is beginning to take its toll on the financial sector with at least one overseas financial institution reportedly severing ties locally.
The international community gave Guyana up until next month to amend its laws and take mandatory steps to reduce the possibility of money laundering and the passage of money used to finance terrorism through its financial system. Failure will likely result in Guyana being blacklisted and question marks will hover over transactions originating here. Citibank, one of the largest institutions in the US is said to have written a local bank announcing its intention to sever corresponding relations with it.
Chairperson of the Parliamentary Special Select Committee (PSSC) on AML-CFT, Gail Teixeira, complained about the actions of its opposition members after she was forced to postpone a critical meeting of the committee. She warned that further delays continue to place Guyana in a precarious situation.Teixeira said a meeting was scheduled for 16:30 hrs yesterday but was postponed at the request of the APNU’s Deborah Backer who also said that the AFC’s Khemraj Ramjattan would be unable to attend. Backer had another meeting with leader of the A Partnership For National Unity (APNU), David Granger which for her was more important than preventing sanctions being implemented against Guyana’s financial institutions.
