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Opposition expresses concern over aspects of Anti-Money Laundering Bill – 2nd May 2013

money_launderingThe main opposition party a Partnership for National Unity (APNU) said it is concerned with certain aspects of the Anti-Money Laundering and Countering the Financing of Terrorism amendment bill.

The bill is aimed at empowering the Financial Intelligence Unit to investigate and prosecute individuals and businesses it suspects are laundering finances.

According to Shadow Minister of Legal Affairs Basil Williams the bill is now in its third form that is being passed through Parliament.

Williams said because of the complexity of the bill it is expected to automatically go directly to a select Parliamentary Committee for scrutiny.

The Organization of Economic Co-operation and Development (OECD) has given Guyana until the end of the month to upgrade its Anti-Money Laundering and Financing of Terrorism Law, in keeping with recommendations from the Caribbean Financial Action Task Force.

For Williams if the APNU is to support to the Bill there must be political will from the Government.

If Guyana misses the May 27 Deadline and is blacklisted by the OECD countries, every movement of money in or out of Guyana will be intensely scrutinized, thus creating significant delays in the financial and banking system.

 The United States, Canada, United Kingdom and the European Union (EU) last month teamed up to provide Guyana with experts at a workshop on money laundering.

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