President meets multi-stakeholders in wake of anti-money laundering bill defeat

Georgetown, GINA November 11, 2013

 

As public concerns continue to mount over the recent non-passage of the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) bill, President Donald Ramotar met numerous civil society stakeholders today at the Office of the President for talks.

Among them were members of the Private Sector, Bankers and Trade Unionists, the majority of who will be directly or indirectly affected by the Opposition’s rejection of the bill that sought to upgrade Guyana’s laws against financial crimes.

President Donald Ramotar and other Government Officials in meeting with representatives of the Private Sector Commission, Bankers and Trade Unions

The non passage of the bill had evoked public concerns from several of the stakeholders considering the impact it could have on smooth transfer of money from local to external banks, remittances from money transfer agencies and insurance services.

An offshore bank has already severed ties with Guyana following what President Ramotar described as the worst form of economic sabotage the political opposition has so far demonstrated.

The absence of legislative support had resulted in the country missing an August deadline and the Financial Action Task Force (CFATF) granting an extension to November.

 

Attorney General and Minister of Legal Affairs Anil Nandlall and Financial Intelligence Unit Head Paul Geer have now been tasked with examining the anticipated impact of the failure to pass the anti money laundering legislation on Guyana.