Guyana now has until November to amend laws on financial crimes – Ramotar

President Ramotar confirms Guyana now has until November to amend laws governing financial crimes

Speaking in Port of Spain Trinidad, President Donald Ramotar confirmed that Guyana now has until November to come up to speed laws governing the financial crimes of money laundering and financing of terrorism.

Ramotar had dispatched Attorney General Anil Nandlall to Nicaragua where the country was expected to bring the Caribbean Financial Action Task Force up to speed with Guyana’s progress in countering financial crimes.          

The Head of the Financial Intelligence Unit Paul Geer was leading Guyana’s delegation, but with the Government failing to rush the opposition to make amendments to various pieces of legislation, Nandlall was added to the team to plead for more time.

The government wanted the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Bill 2013 (AML/CFT) passed before it faced the Caribbean Financial Action Task Force (CFATF) review panel in Managua.

The Task Force is an arm of the International Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing, among other financial crimes.
The Act  had required that the country amend a range of laws. Amendments to the various laws were lumped together and taken to the House as one Bill.

The Bill is now with a Special Parliamentary Select Committee. When that Committee completes it work it will take its report to the full House for a vote. Ramotar hopes that the June 12 meeting of the committee would be the last, saying that he does not believe there is a great deal of work left to be done.

The Government had insisted that without passing the amendments before Guyana faces the review, severe sanctions that would have been imposed.

The seven-seat Alliance for Change (AFC), which holds the balance of power in the National Assembly, is sticking to its demands.
The party has said it would exchange its support for the amendments only if the Government provides a definitive deadline for the setting up of the Public Procurement Commission and if the President re-considers assenting to two Bills which were brought to the House by the opposition and passed.

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Comments

  • Cyril balkaran  On June 1, 2013 at 3:02 am

    The Power of the Parliament resides with the people through their representatives. The The APU with their 7 seats hold the balance of power in the National Assembly of Guyana. The President with the majority of seats as a single party weilds the power of the President. The combined Opposition including the major opposition party headed by Mr Granger is considered the alternative Government. Its more than 2 years now since the parliament is hung and no one seems to want a change. The APU combined themselves after the elections. and so the entire oppossition has one more member than the Governing party. The entire Government’s legislature is now mocked up as no concialiation takes place nor any party ever supports the President’s Legislation. He himself has said that he will not assent to any legislation that did not have the support of his party in the house and so this quagmire continues at every session of the Guyana’s Parliament. November will be here soon and if no one budges from the position they have taken then Guyana will be blacklisted by the CFATF Will men of Reason come forward of the 65 member parliament to stop this Crime against Guyana?

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