Private Sector renews appeal for anti-laundering bill passage

-says uncertainties over sanctions responsible for decline in investment

The Private Sector Commission (PSC) has issued a new appeal to the government and opposition to resolve the impasse over the anti-money laundering bill, while saying signs of a decline of investment by private enterprises are directly linked to uncertainties created by possible sanctions.

“The Private Sector Commission is pleading once again to the elected officials of the country to work with each other to arrive at a solution for Guyana to meet the legislative requirements of an effective Anti-Money Laundering and the Countering of Financing of Terrorism [AML/CFT] Regime before the June 2014 Plenary Meeting of FATF in Paris,” the group said in a statement, following the recent call by the Caribbean Financial Action Task Force (CFATF) for stepped up countermeasures against Guyana by countries in the region. CFATF has also referred Guyana to the international Financial Action Task Force (FATF), which is scheduled to hold its next Plenary in Paris, France later this month.

CFATF’s call comes in the light of the failure of the country to meet repeated deadlines for the passage of the bill, which is expected to make the country compliant with international anti-money laundering and countering the financing of terrorism standards. The bill remains in the custody of a parliamentary select committee,  …..To continue reading, login or subscribe now.

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