Guyana’s opposition-controlled National Assembly Thursday night voted down the Anti-Money Laundering and Countering of Financing Terrorism (AML/CFT) bill, placing the country on the path to international sanctions.

"Guyana is now in jeopardy of being labeled a high risk country for international financial transactions, the ramifications of which have already begun to see delays in banking and money transfer transactions. These financial delays will result in increased commodity pricing and higher transaction fees to all Guyanese," said Finance Minister Dr. Ashni Singh moments after the defeat.

The parliamentary coalition A Partnership for National Unity (APNU) and the Alliance For Change teamed up to vote solidly against the financial crimes bill 33- 28.

Among those on the government side not voting was Home Affairs Minister Clement Rohee who was hospitalized Thursday night for an undisclosed medical condition. He was an in-patient at the Woodlands Hospital where he was undergoing a series of tests.

Voting down of the AML/CFT was almost a foregone conclusion after the combined opposition voted to throw out a petition by the Private Sector Commission for the 65-seat House to approve the amendments as required by the Caribbean Financial Action Task Force (CFATF) and the global watchdog, the Financial Action Task Force (FATF).

Government and the Western diplomatic community have repeatedly warned that if the amendments are not approved by this month, Guyana ccan face serious sanctions by the Financial Action Task Force. They include severe restrictions and higher costs in conducting international cash transactions including remittances for ordinary people and the purchase of necessary commodities like fuel and pharmaceuticals.

The AFC has said that it would support passage of amendments to the Anti Money Launderiing and Countering of Financing Terrorism (Amendments) Bill if government first establishes the constitutionally required Public Procurement Commission aimed at ensuring transparency. APNU's support is hinged on ensuring that the law is properly amended and the Financial Intelligence Unit (FIU) is adequately staffed and equipped.

Following is a statement issued by Finance Minister, Dr. Ashni Singh moments after the bill was defeated:

It is highly disappointing that the National Assembly was unable to pass the Anti-Money Laundering/Countering the Financing of Terrorism Amendment Bill (AML/CFT). It is even more disappointing that the much needed amendment has been impressed upon the Joint Opposition by the People and Government of Guyana, the Business Community and the Diplomatic Community.

Government has made exhaustive efforts over 6 months through 17 meetings to involve, inform and accommodate the Opposition in the Special Select Committee (SSC) of the National Assembly, to discuss the amendment to the Bill. Due to numerous failed attempts by the Joint Opposition to meet, Government proceeded with the business of the SSC as the Amendments are critical to the economic and social wellbeing of Guyana and its people. At no point in time did the Opposition offer any recommendations or suggestions on how the committee can move its business forward. Therefore, the Government representatives proceeded to conclude the work of the Committee without any input from the APNU or AFC and tabling it in the National Assembly.

It is disappointing that they have made no effort to cooperate or involve themselves at this critical juncture, over such vital legislation. Yet this lack of involvement and cooperation by the AFC and the APNU further supports Government’s long held position, that the Joint Opposition has but one intention: to disrupt the economic, social, infrastructural and international credibility of Guyana through its one seat majority. This is evident in their constant attacks and inflexible opposition to any and all developmental projects proposed by Government. The more prominent projects that have been subjected to the AFC and APNU’s unwavering opposition are the Amaila Falls Hydro Power Project, the Marriott Hotel Project, the Specialty Hospital and now, the AML/CFT amendments.

The failure of the National Assembly to pass this legislation has far reaching consequences that have been shared with the Opposition and the public over recent months. Guyana is now in jeopardy of being labeled a high risk country for international financial transactions, the ramifications of which have already begun to see delays in banking and money transfer transactions. These financial delays will result in increased commodity pricing and higher transaction fees to all Guyanese.

Despite this delay, the public should be assured that Government has done all it can, within reasonable scope, to prevent these unfortunate consequence from ensuing. While this was not the anticipated outcome, Government remains committed to finding a solution to this impasse so that the common man and woman will not have to bear the consequence to this failed legislative action. Government will now return to the drawing board where it will collectively regroup and weigh its options to decide on the most feasible course of action that will benefit all of Guyana.