Set aside political differences and remedy AML/CFT deficiencies-US Charge d’ Affairs urges -cost of doing business gone up, remittances to Guyana hit hard
THE price of doing transnational business in Guyana has gone up, so too has the cost of remitting money to the country.
This is according to Charge d’ Affairs at the United States Embassy in Georgetown, Guyana, Bryan Hunt.
He spoke with the Guyana Chronicle on Thursday during an exclusive interview and said with imminent elections, whichever administration takes the reigns of office after the May 11 results, the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) must take priority.
‘Parties can set aside those political differences and act in the national interest to move things forward’—US Charge d’ Affairs, Bryan Hunt
According to Hunt, only recently he had perused some recent World Bank data, which shows that while the cost of doing cross border business around the world has been going down, due in part to the greater use of technology, things are different with Guyana where the inverse obtains.
He said that Guyanese businesses are now finding it increasingly tedious and, at times more costly.
Guyana, he said, is a country that also relies heavily on remittances, which has become more costly to do, which can only result in less money making its way here through monetary transfers.
The cost of doing business with Guyana has escalated as countries around the world adhered to the warning by the Caribbean Financial Action Taskforce (CFATF), which recommended to its member bodies to put measures in place when doing business with Guyana, in order to protect their financial systems.
INTERNATIONAL SANCTIONS
Hunt said that while Guyana was spared the last time the country came up for review by CFATF’s parent body, the Financial Action Taskforce (FATF), this would not occur at the next review.
Guyana is scheduled for a FATF review in September of this year.
According to the US Diplomat, the Guyana Government was able to demonstrate to that international body that it was able to put some non-legislative measures in place based on the CFATF recommendations.
He was making reference to undertakings such as the establishment of the Special Organised Crime Unit (SOCU), which had been set up specifically to investigate issues such as money laundering.
According to Hunt, should Guyana appear for the international review again, deficient of its legislative obligations then greater sanctions could be put in place when doing business with Guyana.
AMENDMENTS NEEDED
The US diplomat was unwavering in his cautions that whoever the persons elected to Office in a matter of months, the critical amendments to the AML/CFT legislation must be addressed as a priority.
He said that one of the features of the life of the 10th Parliament which is currently prorogued, is that of ‘gridlock’ between the major political parties on what he termed—important national issues.
The 65 seats in Guyana’s legislative arm of Government are occupied by the Peoples Progressive Party/Civic (PPP/C—32) A Partnership for National Unity (APNU—26) and the Alliance For Change (AFC—7).
The US diplomat, told the Guyana Chronicle that when Guyana is confronted with significant challenges such as those entailed with the failure to pass the anti-money laundering legislation,” parties can set aside those political differences and act in the national interest to move things forward.”
The proposed amendments to Guyana’s extant Anti-Money Laundering legislation are currently still languishing at a Special Select Committee whose deliberations have since been suspended by the November 10, 2014 prorogation of Parliament.
The AML/CFT Bill was tabled in the National Assembly since early 2013 and despite the pressures mounted by Guyanese and foreigners alike; the Bill that will bring Guyana into compliance with international requirements, has been voted down, re-tabled in Parliament, crucial deadlines were missed.
(By Gary Eleazar)