GEORGETOWN, Guyana (GINA) -- The Caribbean Community (CARICOM) has joined other key stakeholders in expressing concern over the continuing delay in Guyana’s progress towards implementing recommendations to address deficiencies in its anti-money laundering regime.
CARICOM issued a statement calling 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/Combating the Financing of Terrorism Bill (Amendment) in Parliament could result in action by the Financial Action Task Force (FATF), which could have an adverse impact on the Guyanese economy and by extension the CARICOM region as a whole,” the statement said.
It continued, “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.”
CARICOM urged that this matter be speedily resolved, by enacting the relevant legislation, in the interest of the people of Guyana and the Community.
In order to avoid sanctions from international financial institutions, Guyana must pass the required legislation and implement measures which include fully criminalising money laundering and terrorist financing offences, addressing all the requirements on beneficial ownership, strengthening the requirements for suspicious transaction reporting, international co-operation, and the freezing and confiscation of terrorist assets, and fully implementing the UN conventions.