Attorney General believes AFC’s demands on financial crimes law amendments are unreasonable – 3rd June 2013
The seven-seat Alliance For Change (AFC) has said it would exchange its support for the amendments to the law on financial crimes only if the Government provides a definitive deadline for the setting up of the Public Procurement Commission and if the President re-considers assenting to two Bills which were brought to the House by the opposition and passed.
But Attorney General Anil Nandlall believes those demands are unreasonable, given the importance of the matter.
Nandlall was sent to Nicaragua last week to plead for more time to pass amendments to several pieces of legislation which were bundled together and presented to the National Assembly as the Anti-Money Laundering and Countering of Financing for Terrorism Bill.
Nandlall said the Caribbean Financial Action Task Force agreed to give Guyana six more months because it was satisfied with several initiatives the country had undertaken.
The Bill to amend several laws dealing with financial matters is now with a Special Parliamentary Select Committee. When that Committee completes it work it will take its report back to the full House for a vote.
If the country fails to meet the new November deadline, severe sanctions could be inmposed on the country and these would have a range of implications for the financial sector including staggering the flow of international funds, such as remittances and wire transfers.