FATF blacklisting no longer reason for early elections

Last Updated on Friday, 24 October 2014, 21:23 by GxMedia

The decision by the global Financial Action Task Force (FATF), not to blacklist Guyana for failing to amend its financial crimes law has pulled one of the reasons that President Donald Ramotar might have used to call early general elections.

The opposition has blocked the passage of amendments to the Anti Money Laundering and Countering of Financing Terrorism Act, saying that they want provisions that will see a greater role for parliament in overseeing the work of tge Financial Intelligence Unit and eliminating government influence.

Head of the Presidential Secretariat, Dr Roger Luncheon says that while blacklisting of Guyana by the FATF no longer appears to be on the cards, Guyanese are still expected to go to the polls earlier than 2016 after a no-confidence motion is debated and passed by the opposition-controlled National Assembly.

The Alliance For Change (AFC) and A Partnership for National Unity (APNU) together enjoy a one-seat majority in the 65-seat National Assembly.

However, the opposition-controlled National Assembly is yet to resume sittings since the two-month recess ended in October 10.

The decision by the FATF not to blacklist Guyana follows the presentation of President Donald Ramotar’s  Letter of Committment to strengthen the anti-money laundering regime. 

The FATF is, however, expected to give Guyana a number of time-lines by which a number of measures would have to be put in place.