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Financial Institution Compliance Issues Plague Guyana as Region Calls for Action

KINGSTON, Jamaica - A pressing concern has been raised by the Caribbean Community Secretariat over Guyana’s failure to pass its Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT Act). This move has prompted the Organization of American States’ secretary general to urge the country to take immediate action.

Lack of Progress on AML/CFT Act

The lack of progress on this legislation has resulted in Guyana being blacklisted by the Caribbean Financial Action Task Force (CFATF), a move that could have far-reaching consequences for financial institutions operating in the country. Earl Jarrett, General Manager at Jamaica National Building Society, warns that the implications are “grave,” as Guyana risks being locked out of the global financial network and unable to perform routine international transactions.

Purpose of AML/CFT Act

The AML/CFT Act aims to close loopholes used by criminals to launder money and fund terrorist activities. However, opposition political parties in Guyana have been using passage of the law as a negotiating tool, frustrating lawmakers and delaying progress. Ronald Sanders, senior fellow at London University and former chairman of the CFATF, notes that this approach is problematic, as it undermines global efforts to combat financial crime.

Consequences for Guyana’s Economy

Guyana’s failure to adopt the legislation could disrupt the country’s significant inflow of remittances from abroad, which are crucial for its economy. Ignacio M. Alvarez, of counsel at Diaz, Reus & Targ, warns that if Guyana does not implement needed legislative changes, it will face further sanctions and potentially devastating consequences for its financial services industry.

Stalemate in Legislative Process

Jan Smith, director for Latin America at Edgar, Dunn and Co., notes that the government and opposition are locked in discussions over the AML/CFT bill, using the debate as a platform to air political grievances. The parliamentary opposition has attached rigid demands for support of the AML/CFT, which the majority PPP will block.

Regional Response

As the situation continues to unfold, regional partners and financial institutions are reviewing the cost/benefit of doing business with Guyana. Some have already terminated relationships with local counterparts, including Citibank. The issue may be a thorn in the side of regional politics, but it is not a failure of regional anti-money laundering efforts.

Call for Action

Guyana’s government must take swift action to address these concerns and implement necessary reforms to prevent further sanctions. The country cannot afford to continue neglecting its financial institution compliance issues, as the consequences will be devastating for its economy and reputation.