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…CARICOM urges speedy resolution to deficiencies The Caribbean Community (CARICOM) is urging an early resolution of the issues surrounding the implementation of recommendations to address deficiencies in the anti-money laundering regime of Guyana.A statement issued by the Bureau of the Conference of Heads of Government of CARICOM after its meeting in Port of Spain, Trinidad and Tobago on Tuesday last,Cheap NFL Jerseys Free Shipping, said that CARICOM was “deeply concerned about the impact that any adverse action” by Caribbean Financial Action Task Force (CFATF) Member States could have on “the Guyanese economy, and by extension the CARICOM Region as a whole, particularly in the areas of trade and financial services.”The Bureau said that CARICOM has taken note of CFATF’s consideration of Guyana’s progress in implementing recommendations to address deficiencies in its anti-money laundering regime.“CARICOM has also taken note of the efforts made by the Government of Guyana to implement the said recommendations, including by tabling in the National Assembly a Bill to amend the legislative framework, which Bill has since been rejected by the National Assembly, given the Parliamentary and political configuration that obtains in Guyana.”It said that any action that reduces the ease or increases the cost of processing international financial or trade transactions will adversely affect trade and financial flows in the Region, retard the regional integration enterprise and reverse the gains made by Guyana and the region.“CARICOM notes that this could also directly and severely hinder the functioning of the CARICOM Secretariat which is based in Guyana.”Mindful that this action could result in hardship for the people of Guyana and having regard to the extenuating circumstances that obtain in Guyana particularly as it relates to the Government securing legislative approval, and the deleterious consequences that are likely to arise from adverse action against Guyana, CARICOM hopes that this matter could be resolved at the earliest opportunity.The blacklisted status applied to Guyana by CFATF is akin to that which was applied to Iran and North Korea.This was recently confirmed by Roger Hernandez, a financial advisor with CFATF, who in an invited comment to clarify the status of the decision on Guyana said,China NFL Jerseys, “Guyana’s CFATF listing is similar to the listing that the Financial Action Taskforce (FATF) has applied to Iran and North Korea in that it calls on its members to apply counter-measures against Guyana in particular against financial transactions and relationships with persons and businesses from Guyana.”He said that the language used by FATF when it issued a warning against Iran and North Korea is the same applied for Guyana.“You will see that the language is the same as that applied against Guyana,NFL Cheap Jerseys,” said HernandezHe noted too that the CFATF statement is also carried on the FATF website which is also effectively,Cheap NFL Jerseys China, “warning all FATF members, which includes all the major economies of the world.”Hernandez said that in order for Guyana to get off the list, it has to do what the public statement says,NFL Jerseys Cheap, pass the requisite legislation and remedy the identified deficiencies in the statement.On November 21 last, following a review of Guyana’s compliance as it relates to the CFATF recommendations for Guyana in addressing its deficiencies when it comes to Anti-Money Laundering and Countering the Financing of Terrorism, Guyana was found wanting and as such was blacklisted.CFATF has since called on its member countries to “consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.”In its review it was found that Guyana had strategic anti-money laundering deficiencies.According to CFATF, “Guyana has made efforts to address its deficiencies, however, it has not taken sufficient steps towards improving its AML/CFT compliance regime by failing to approve and implement required legislative reforms.”Further,nba jerseys discount, it did not make sufficient progress to address the deficiencies or did not comply with its Action Plan developed with CFATF to address these deficiencies.In November 2011,Cheap Jerseys From China, the international regulators had warned the Bharrat Jagdeo administration that the country needed to take steps to ensure that the nation had strong financial regulations but this was ignored and two years later, the country is still to comply with the necessary measures hence the blacklisted status.Cabinet Secretary Dr Roger Luncheon explained, last month that the amendments were fashioned by CFATF and that Guyana had no option.However, for the two years that CFATF ordered Guyana to get the necessary legislation in place, the administration did nothing.It was only in April of this year that the Bill made its way to Parliament at which point in time the political opposition voted to send it to a Parliamentary Select Committee.