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FATF opens Meeting in Paris

FatfThe Financial Action Task Force, called FATF for short, opens its Plenary Meeting in Paris, France, Wednesday.

Among its duties is to review the implementation of measures taken by a number of countries to address deficiencies identified in the last round of mutual evaluation reports.

Today, Clement Rohee, the Minister of Home Affairs and General Secretary of the ruling PPP was asked if he could say with certainty whether Guyana was among those countries to be reviewed, as he and other government Ministers has been saying.

Rohee was also asked if the government had identified anyone to put forward Guyana’s case at the Paris meeting.

Rohee speculated that a decision could have been made today about a delegation.

The Financial Action Task Force sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system

Last November, the Caribbean arm of the Task Force called upon its members to consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.

This call was made because of the country’s failure to amend relevant laws. The government was hoping for passage of the legislation Monday, but the Parlaiemnatray committee fine-tuning the draft law could not find agreement.

The latest snag was the government’s refusal to agree to amendments proposed by the opposition; Today, Rohee denied that the government was only bluffing about the risks of not passing the legislation.

Adding to Guyana’s main donors, the Organisation of American States, the Caribbean Community CARICOM was the latest to urge passage of the legislation.

CARICOM called on all parties involved in the process to take all necessary actions without further delay to have the necessary reforms implemented.

CARICOM remains deeply concerned that failure to pass the Anti-Money Laundering Legislation could result in action by the Caribbean Financial Action Task Force (CFATF) which could have an adverse impact on the Guyanese economy and by extension the CARICOM Region as a whole.

CARICOM said any action that reduces the ease or increases the cost of processing international financial or trade transactions will adversely affect trade and financial flows in the Region, retard the regional integration enterprise, limit the opportunities for growth in Guyana and the Region and result in hardship for the people of Guyana.

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