Guyana gets support with efforts to pass anti-money-laundering bill

Against a backdrop of a looming international financial blacklist of Guyana, the Union of South American Nations (UNASUR) has expressed support for government’s efforts to pass anti-money-laundering legislation.  Additionally, it has endorsed the strengthening of the institutional structures of Guyana for the prevention and fight against financial crimes.

“The strengthening of the institutional structures of Guyana for the prevention and fight against those crimes would be in conformity with the recommendations of the International Financial Action Task Force and the regional organ of the Caribbean (CFATF) and of South America,” said UNASUR in a release on Saturday.

Guyana failed to strengthen its anti-money-laundering legislation in time for a CFATF meeting on May 29, and on the weekend the leading parliamentary opposition grouping, A Partnership for National Unity, blamed the ruling People’s Progressive Party/Civic administration for Guyana being  placed on a list that urged the international community to take measures to protect their financial system.

The government blamed the opposition parties which control a one-seat majority in the 65-member Parliament for the situation.  President Donald Ramotar in a radio and television broadcast on Thursday night said Georgetown had received information that the 39th meeting of the CFATF reviewed the country’s failure to pass the Anti-money Laundering and Combating the Financing of Terrorism legislation.

Ramotar called on the opposition parties to, “unconditionally pass a CFATF compliant Bill to limit the harm already done and the dangers to our people’s wellbeing”.  UNASUR member states Saturday reiterated their commitment to cooperate with Guyana within the framework of the South American Council on Citizen Security, Justice and Coordination of Action Against Transnational Organized Crime (CDOT), which includes initiatives on the prevention and fight against money laundering and financing of terrorism.

Copyright Caribbean360 2014