David Granger
The Private Sector Commission (PSC) is petitioning members of the National Assembly to consider, make any necessary adjustments and pass the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill of 2013.
The bill seeks to amend the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009.
Guyana faces blacklisting if the bill containing several amendments by the Caribbean Financial Action Task Force (CFATF) is not passed by the House.
Consequently, in light of the need for Guyana to comply with the recommendations of the CFATF and enact and/or amend legislation to prohibit money laundering and the financing of terrorism, the necessary bill of Parliament as required to ensure compliance has been reviewed by the Caribbean Financial Action Task Force and has been deemed acceptable, and has been with the appropriate select committee of Parliament for approximately six months.
Though the Alliance For Change (AFC) has indicated their support for the bill, A Partnership for National Unity (APNU) leader David Granger has said the coalition will not be supporting the amendments to the bill, due to their absence in the entire process and the need for it to be properly done.
He said that the coalition has no-confidence in the amendments made to the bill and its readiness for a final reading which had been scheduled for November 7.
The opposition leader reiterated that government had the bill for four years and was looking to have it passed through the National Assembly in a mere four months.
A matter of priority
Ronald Webster
However, the PSC, which represents 17 business organisations across Guyana, and the interests of 21 corporate entities, including all manufacturing companies, said it is mindful of the severe economic consequences of failure to enact the aforesaid bill, and respectfully requests the National Assembly to pass the legislation as a matter of national and economic priority.
The commission said it notes the concerns expressed by the opposition parties but no written submissions have been forthcoming as it relates to adjustments to the bill as deemed amendable by the political opposition.
The PSC reiterated that failure to enact the legislation will result in the blacklisting of Guyana by other countries which will result in severe hardship for the business community and the ordinary citizens of Guyana.
Correspondent banks will increase their queries regarding customer transactions, thus increasing the cost of doing business. Not surprisingly, this process has already begun.
Foreign banks have already begun to sever ties with local banks and branches; the cost of remittances will escalate. Remittances, which now make up 40 percent of the Gross Domestic Product of Guyana, will be reduced to the detriment of the poor.
The PSC also noted that the conduct of everyday business and the retention of jobs are at stake, and Guyanese will be faced with difficulty in obtaining insurance and insurers may be forced out of business.
Transactions involving payments to foreign suppliers will become difficult, if not impossible; and all essential imports will be affected and delayed with associated increases in costs.
