Tag Archives: Caribbean Financial Action Task Force (CFATF)

Guyana to be told to implement anti-laundering reforms by May 2014 – AG

Guyana to be told to implement anti-laundering reforms by May 2014 – AG

Anil-Nandlall-1

Posted By StabroekNews – November 21, 2013 .
Attorney General Anil Nandlall today said that following a meeting in The Bahamas of the Caribbean Financial Action Task Force (CFATF) a formal letter will be sent to Guyana pointing to identified deficiencies in its anti-money laundering legislation and giving it up to May 2014 to implement the necessary reforms failing which it will be referred to the international financial task force.

In a statement he also said that the communiqué likely to be issued at the end of the today’s meeting will likely include a statement that “Members (of CFATF) are therefore called upon to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.”
This would appear to fall short of the dire blacklisting that the government has been warning the country of over the failure by the opposition to support the reforms sought by the CFATF to the bill in the National Assembly.     Continue reading

The anti-money laundering legislation … Opposition wants Bill to address white collar crimes – Granger

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

Money Laundering: Guyana will definitely be blacklisted – Nandlall

Guyana will definitely be blacklisted – Nandlall

SEPTEMBER 10, 2013 | BY  |

 –    Says government is working on non legislative components of the Anti money Laundering bills

 Attorney General, Anil Nandlall

Attorney General, Anil Nandlall

Taking into consideration that Guyana has missed the August 26 deadline stipulated by Caribbean Financial Action Task Force (CFATF) for the amendment of the amended Anti-Money Laundering and Countering the Financing of Terrorism Act, Attorney General, Anil Nandlall has noted that “we will surely be blacklisted.”

The AG said that Guyana will be assessed by that very report come November 13.
He emphasized that when CFATF continues its assessment of Guyana, the country will be placed on a list of delinquent nations.
Nandlall said that the Bill remains set for continuing consideration when Parliament resumes but noted that by then it will be too late.

He also noted that once placed on the blacklist it takes time before a country can be removed. He pointed out that Trinidad and Tobago was blacklisted since 2005 and it was only removed from that list in 2011.   Continue reading

CFATF gives Guyana until August to submit amended financial crimes law

CFATF gives Guyana until August to submit amended financial crimes law – e.g. money laundering     

19 June 2013 (CND)  –The Caribbean Financial Action Task Force (CFATF) has given Guyana two months to pass upgraded laws against financial crimes before the global watchdog considers the country’s fate in November, Attorney General Anil Nandlall said Tuesday June 18, 2013.

Addressing the opening of a workshop on Guidelines for the 2009 Anti Money Laundering and Countering of Financing of Terrorism, he said the parliamentary select committee received a formal response from CFATF that Guyana has until August 26 to approve the amendments to the laws.

The committee had decided to formally ask CFATF to state the deadline in writing when Guyana has to submit the amended laws to that body for experts to study them ahead of the meeting.

Continue reading

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.           Continue reading

US Ambassador to Guyana comments on the Anti-Money Laundering Bill

US Ambassador to Guyana weighs in on the controversy surrounding the Anti-Money Laundering Bill 

[Capitol News – 23 May 2013 ]  The United States Ambassador to Guyana Brent Hardt has declared that the Guyana Government has not initiated a single case against people who are suspected as money launderers in the country, under the current Financial Crimes Law.

This is the first time that the leading western diplomat has publicly weighed in on the current impasse between the Government and the majority in the House on the passage of the Anti-Money Laundering and Countering the Financing of Terrorism Amendment Bill 2013.   Continue reading

Money Laundering Bill – President Ramotar appeals to the House – video

President Ramotar appeals to the House to urgently review amendments to Money Laundering Bill – 22nd May 2013

Posted: 22 May 2013 05:11 PM PDT

shot0022A message to the National Assembly by the President is rare and hardly can anyone remember it happening before. But today, the President utilized that provision as he sought to simmer a row between the Government and opposition sides of the House in order to get amendments to the country’s law against financial crimes passed.

The Government wanted the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill 2013 passed before it faces the Caribbean Financial Action Task Force (CFATF) in Nicaragua next week.   Continue reading

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