Anti-Money Laundering Bill…Local businesses brace for hike in foreign currency rates
The non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill by this month-end would see financial hardships threatening Guyana’s economy.
This view was expressed by Nazar Mohamed, General Manager of Mohamed’s Enterprise, recently.
According to Mohamed, there is currently no shortage of foreign currency on the local market. He assured that there is no problem in customers getting money transfers or cash from commercial banks to conduct business. There may be instances where a customer would be asked to wait a day or two but there is no lengthy delay. However, a matter of concern is the hike in exchange rate for US dollar as against the Guyana dollar.
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By guyaneseonline
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Posted in Business, Economics/Finance, Government, Guyana, Politics
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Also tagged Financing of Terrorism (Amendment) Bill, gold, Guyana dollar, remittances, rice; foreign investment, sugar, US dollar exchange rate
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Anti Money Laundering deadlock…by Ralph Ramkarran
Government lost out on compromise, elections may be only way out of political impasse
Ralph Ramkarran
“Striking compromises would have been a win-win result for both Government and Opposition and for the people of Guyana…” – Ramkarran
Former Speaker of the National Assembly, Ralph Ramkarran believes that the government lost out on an opportunity for compromise last week when it held firm to its ground, resulting in Guyana failing to pass the Anti Money Laundering and Countering the Financing of Terrorism legislation (AML/CFT).
He believes that while it is not the most desirable option, the only way to break the current political impasse in the National Assembly is by returning to the electorate for a vote. Continue reading →
- Morning fire leaves several homeless and millions in damages
- Opposition blames govt. for inadequate preparation and slow response to flooding
- Sports
- Record Rainfall claimed is questionable for November
- Transparency International to release its Corruption Perception Index next week
- Sports
- Several schools affected by flooding
- More rainfall predicted
- New deadline to implement Anti Money Laundering AML legislation
Click links to view TV Videos below :- Continue reading →
This may affect money transfers to and from Guyana. More information on this in later Blog entries.
- Sports – Football.
- Rondy Jadgeo charged with murder of biker.
- Procurement Commission likely says Government.
- Guyana examines various options in maritime issue with Venezuela.
- No new development in US consular officer visa fraud investigation.
- First Federation tenant moves to the courts to squash fire service order.
- No role for Finance and Legal Affairs Ministers under proposed anti-money laundering amendments.
Click links below to view the news videos: Continue reading →
- APNU officials met today with senior diplomats from the ABC and EU, explaining their anti-Money Laundering position.
- IDB continues to fund justice sector reform in Guyana.
- Sports.
- popularity of book on Guyana’s Heritage results in the second printing in order to meet demand.
- PNC/R continues to muster support for the much talked about upcoming local government elections.
- Arrested Cocaine in girdle Passenger released on 25000 US bond
- Local Bankers association is getting jittery over the Money Laundering Bill.
- Chancellor agrees that criticism leveled against judiciary is justified
Click links below to view the TV news Reports:
Capitol News – TV News Videos – 28 October 2013
- Guyana’s first drive through car wash set for opening soon.
- Parliament says that the issue of glass buildings has to be more than aesthetics.
- The People’s National Congress Reform is gearing up its supporters for Local Gov’t Elections.
- Sports.
- PPP firing back at the APA protest.
- Sports.- Cricket
- Guyana has until November to come up with the amendments to the anti-money laundering.
- Later yesterday afternoon the 13 year old was struck down by a truck.
- Cocaine in Girdle worn by a Man who travelled from Guyana to NY.
- Suicide: A licensed firearm holder ended his life at the Kitty Seawall.
Click links below to access the videos. Continue reading →
The anti-money laundering legislation … Opposition wants Bill to address white collar crimes – Granger
OCTOBER 19, 2013 | BY KNEWS | FILED UNDER NEWS
– Private sector urges speedy passage
The Opposition remains firm in its position not to make way for passage of the Anti Money Laundering and Countering the Financing of Terrorism (AMT/CFT) Bill unless it is sure that Guyana is being given the best legislation, capable enough to deal with a range of white collar crimes. This is even in the face of pleas from the Private Sector Commission (PSC).
Yesterday the PSC published a whole page advertisement indicating the impact that the absence of the Bill is having on businesses.
The advertisement asked that parliamentarians “approve the measures in whatever form to avoid the disastrous effects on the country’s business sector and the average Guyanese citizen.”
A Partnership for National Unity (APNU) Leader, Brigadier David Granger, had long held the position that this Bill “must” address all the inadequacies of the first piece of legislation and not be just another ornament “just to say we have it.” Continue reading →
Banks, The Caribbean Diaspora And Remittances – By David Jessop
Banks, The Caribbean Diaspora And Remittances
David Jessop
Published on Jan 11 2016 – By David Jessop
News Americas, LONDON, England, Tues. Jan. 12, 2015: Imagine this! You, a partner or family member is working overseas. You have been sending money home to support an aging relative or to make a regular payment on a mortgage.
You go to the Caribbean money transfer business that you have always used, only to be told your money can no longer accepted because there is no intermediary bank in Europe or the US willing to work with it despite its absolute reliability and positive track record. Continue reading →
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