Teixeira recommends four actions to move Guyana to FATF compliance

Wednesday , October 28 2015, Citizen’s Report, Source

“THERE’s been a lot of talk” on the issue on Guyana’s compliance with the Financial Action Task Force (FATF), including that Guyana is complaint; however, FATF pronounced otherwise last week and now is time for action.  The declaration came from the Chief Whip of the political Opposition, Gail Teixeira, at a news conference today at Freedom House, Robb Street.

Action, according to her, demands that the Government move to:
•    Name 10 appointees for Anti-money Laundering and Countering the Financing of Terrorism (AML/CFT) Authority, which can be done without a Parliamentary two-thirds majority;

•    In the interim, before the Authority is set up, re-establish the National Advisory Committee, which is an administrative body that does not need Parliamentary approval, to address the deficiencies pointed out by FATF and improve work of supervisory bodies and keep Guyana on track with what needs to be done in time for the next review; and

•    Bring further amendments to the AML/CFT (Amendment) Act to bring Guyana into compliance with FATF.

Teixeira contends that, since being declared as non-compliant by FATF, Guyana – Guyanese people and businesses – have “suffered” and this must be addressed.

According to her, the People’s Progressive Party/ Civic (PPP/C) can feel some vindication for positions it took in pointing out the inadequacies of the law that was pushed through the Parliament and underscore the fact that Guyana will not be FATF complaint.

However, she stressed that the Party, in Opposition, will not block moves by the Government for the sake of blocking, in particular where the interests of the Guyanese people are served.

As such, Teixeira stressed that there has to be action since “Guyana has punished for too long” after being declared non-compliant by FATF two years ago.

The PPP Chief Whip also underscored the fact that the law passed has to be implemented and amendments have to be made.

“The Bill has to be returned to the House with additional amendments wherever necessary…if the Government has to eat crow then so be it…Guyana must be in compliance…there is no time to waste. The people and the country are feeling the squeeze,” she stressed.

Asked if the PPP would be willing to work with the Government on ensuring Guyana is compliant, Teixeira made clear that the Government has to lead and the PPP will be willing to offer support.

Teixeira made clear that Guyana has to move quickly as the country has lost enough time due to attitudes that reflect ‘carelessness’ ‘dismissiveness’, ‘disregard’ and ‘don’t care a damn’ by APNU+AFC.

 “If Sudan can make it off the FATF watch list, why can’t Guyana?” the Chief Whip questioned.

Citing Guyana’s efforts in October 2014 as a demonstration of “high-level” commitment, FATF, in its report, noted that despite passing legislation under the new government, Guyana still has “strategic deficiencies” in its AML/CFT framework. As such Guyana has not moved off the list of a list of countries still under review by FATF.

“How did Guyana come to such a wrong conclusion?” she questioned, adding that the current A Partnership for National Unity and Alliance For Change (APNU+AFC) coalition Government touted the AML/CFT (Amendment) law passed as being the tool that will make Guyana complaint with FATF requirements.

Teixeira called attention to the fact that the Attorney General, Basil Williams, and the Government are silent on the FATF pronouncement.

“The first issue is full public disclosure…the government needs to say this is what we did, this is what we are doing and this is what we are going to do…there has to be full disclosure,” she posited.

Attorney General Basil Williams returned to Guyana from FATF’s meeting in Paris, France, which ran from October 21 to 23.

“Since June 2015, Guyana has taken steps toward improving its AML/CFT regime, including by enacting the AML/CFT Amendment Act 2015. However, the FATF has determined that certain strategic deficiencies remain,” FATF said in its public statement.

FATF recommended that Guyana should continue to implement its action plan, including by: Ensuring and implementing an adequate legal framework for identifying, tracing and freezing terrorist assets; Ensuring a fully operational and effectively functioning financial intelligence unit; Establishing effective measures for customer due diligence and enhancing financial transparency; and Implementing an adequate supervisory framework.

“There has been no haste, no indication, of the Government setting up and AML/CFT authority,” the PPP Chief Whip said, which is FATF’s fourth recommendation.

All considered, Teixeira stated that the second priority is what will be done to address the matter.

“All these are uncertainties. What now?” she questioned.

The next review is in February 2016.