Regional analysts urge passage of anti-laundering bill
- warn of devastating sanctions
As Guyana continues to lag in upgrading its anti-money laundering legislation, regional analysts have added their voices to the call for its passage, while warning of the serious consequences of the failure to do so.
“The implications for Guyana are grave as it could find itself locked out of the global financial network and unable to perform routine international financial transactions. Guyana has the third largest inflow of remittances in the Caribbean, and a consequence of the country’s failure to pass the law could disrupt this important lifeline for citizens, as international banks may be obliged to cease corresponding and remittance relationships with entities in Guyana,” Jamaica National Building Society General Manager Earl Jarrett is quoted as saying in a Q&A in the Inter-American Dialogue’s biweekly Financial Services Advisor newsletter last month, titled “Why Has Guyana Failed to Pass an Anti-Money Laundering Bill?”