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He has been holding the Presidency since December 2011; now more than 25 months later, Donald Ramotar’s biggest regret may the non-passage of key anti-money laundering laws.President Donald RamotarQuestioned last Friday about some of his biggest regrets,Cheap Jerseys Free Shipping, President Ramotar pointed to current legislations which are before the National Assembly and which could see Guyana facing negative assessment in mid-February when the international regulators meet again.According to the Head of State, there seems to be reluctance by political parties for more cooperation.The President’s statements would take even more significance as his party,cheap nfl jerseys, the People’s Progressive Party (PPP),Cheap NFL Jerseys, does not have the majority in the National Assembly, following the 2011 General and Regional Elections.At his swearing in ceremony back in December 2011, the President had called for increased inter-party cooperation, signaling a willingness to have continuous talks with the Opposition.Both A Partnership For National Unity (APNU) and Alliance For Change (AFC) control 33 seats, a one-seat edge over the ruling PPP/C.Since the elections, the Opposition has made cuts to the 2012 and 2013 National Budget and has voted against a number of key legislations. These include the Bills critical to the Amaila Falls hydro project which resulted in the US developer, Sithe Global, announcing its pullout last year.President Ramotar, during a press conference at his office last Friday, expressed his belief that the Opposition seems incapable of moving out of their own “narrow”, “political” agenda.He singled out the passage of amendments to the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act. The legislation is currently before a Special Select Committee of the National Assembly for a second time and there are questions whether work to fine tune it will be completed and sent back for passage before Financial Action Task Force (FATF) Plenary and Working Group Meeting in Paris, France, between February 9 and February 14.According to the President, the legislations are critical to close loopholes in current laws on the books to fight money laundering. Issues like enforcement and seizures of properties from illegal proceeds are being addressed.AFC’s Leader,Khemraj RamjattanHowever, since being sent to a Special Select Committee early last year, the Opposition failed to make any meaningful changes. It was brought back to the House by Government but the Opposition, using its majority,Cheap Nike NFL Jerseys, voted it down and agreed to send it back to a Special Select Committee. In November, the Caribbean Financial Action Taskforce (CFATF), essentially blacklisted Guyana. It notified its member countries to put counter measures in place when dealing with Guyana’s finances given the risks involved.President Ramotar noted that during the initial six months in the Special Select Committee,Stitched Jerseys, the Opposition did not have one single concern over the legislations which were not crafted by Government but by the regulators.The official was skeptical of any likely changes as the Opposition’s “tactics” remain the same and are proving quite frustrating.The President was open to the media being present at deliberations of the Special Select Committee which although is a call by its members,China Jerseys Cheap, would not be objected to by its Government representatives.The issue has been a hugely troubling one for the administration with the Government fearing an international severe backlash from the sanctions that could be imposed by member countries of the Financial Action Taskforce (FATF), including the United States of America.Guyana has been found to be non-compliant as it relates to addressing its deficiencies in dealing with the Anti Money Laundering and Countering the Financing of Terrorism legislation.The contentious issue reared its head in April when Government brought the proposed amendments to the law into public focus for the first time. It wanted an immediate vote, but the political Opposition sent it to a Special Parliamentary Select Committee for a review. The opposition claimed that the proposed legislation was deficient.According to CFATF in November, “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.”The tougher anti-money laundering regulations being implemented mandate that local banks, money transfers, cambios,Wholesale China Jerseys, insurance companies and pawnbrokers, among other agencies, to increase reporting to the Financial Intelligence Unit.Financial agencies have to ensure that it has identification records of customers with a host of increased reporting paper works now in place.Citibank in the US has already terminated its relationship with its local counterparts, while Trinidad and Tobago last year started putting measures in place for greater scrutiny of funds emanating from Guyana for the purpose of doing business there.There have reportedly been delays in sending and receiving monies as banks demand to know the source of the funds.