Consultations have been concluded on new amendments to anti-money laundering law and its passage will see employees of licensed financial institutions liable to at least a $5 million fine and jail time of up to three years if they breach requirements to ensure originator information for all wire transfers.
The Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) (Amendment) Bill is to be taken through all of its stages on May 4, when the National Assembly next meets.
The bill, which was finalised without the input of the opposition, was published in the Official Gazette on April 15 and represents the second time in less than a year that amendments to the law are being taken before the National Assembly.
With government controlling a majority in the House, it is expected to be passed without trouble.
Attorney General Basil Williams told reporters at a press conference last Thursday that the Government of Guyana would pass the bill to fulfill its commitments to fully complying with outstanding recommendations of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF).
Williams, reading from a prepared statement, said that the Attorney General’s Chambers held consultations on the draft bill in March and April.
