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Guyana given August 26th deadline to submit amendments to financial crimes law – 19th Jun 2013

shot0001Guyana has until August 26th to pass and submit the amendments to the legislation for  the Anti-Money Laundering and Countering the Financing of Terrorism Bill.

Guyana’s Legal Affairs Minister Anil Nandlall made this revelation today. He was speaking at a workshop on confiscation of financial gains at the Grand Coastal Hotel.

The Bill is currently before a select committee of the National Assembly, which began meeting again. If not passed, Guyana can run the risk of being blacklisted and excluded from important activities on financial crime.

The amendments to the legislation is aimed at bringing Guyana in conformity with certain international standards.

Nandlall said the Chairperson of the Special Select Committee wants the Caribbean Financial Action Task Force to give more specifics on the deadline.

Both the opposition parties APNU and AFC have refused to support the Bill. The APNU stated that the Government was not forthcoming with the correspondence from the Caribbean Financial Action Task Force. The AFC leader recently told the media that his party would not support the Government’s amendments to the law until the Public Procurement Commission was established.

Since the ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM ACT 2009 was passed, Guyana has seen the desired results.

Guyana was granted an extension until November when the next meeting of the Caribbean Financial Task force is expected to meet.

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