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By Leonard GildarieGuyana’s failure to pass anti-money laundering laws is being felt in the banking sector with at least one overseas financial institution reportedly severing ties locally.The news would come even local lawmakers continue to wrangle over the Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Bill, No. 12/2013 (AML-CFT).In August, the bill was sent by the Opposition to a special select committee of the Parliament, despite protests by Government over the approaching deadlines. The Opposition said that it wanted more time to study the bills and make recommendations.The private sector and insurance have already expressed worry,Phil Kessel Penguins Jersey, publishing whole page advertisements in the dailies over the fallouts of the delay.Guyana has until next month to amend its laws to assure the international community that the country has taken mandatory steps to reduce the possibilities that dirty monies passing through its financial system,Gaston Silva Uruguay Jersey, via money transfers and otherwise,Los Angeles Dodgers Brandon McCarthy Jersey, to finance terrorism. Failure will see Guyana being blacklisted with question marks over likely over transactions originating locally.Yesterday, the banking association said that it is busy preparing a statement calling for politicians to band together and have bills passed.“We want to enact the laws. This is not a political issue,” insists Amit Kumar, head of the Guyana Association of Bankers (GAB). Kumar manages Bank of Baroda, which is headquartered in India, and one of the several members of the association. Also members of the GAB are Republic Bank, the Guyana Bank For Trade and Industry, Demerara Bank and Bank of Nova Scotia.Banks squeezedAccording to Kumar, local banks are already feeling the squeeze with Citibank, one of the largest institutions in the US,Brett Cecil Blue Jays Jersey, writing and severing corresponding relations with a local bank. He declined to name the bank.Similar measures are also reportedly being taken by some business entities in Trinidad.However, the situation is a serious one with Bank of Baroda itself being told by its sister branch in the US that it may have to end ties if no movements are made with the laws.“Already we are seeing a significant increase by overseas banks filing more queries regarding transactions.”New laws, adopted by countries around the world, mandate bankers, insurance companies, money transfer agencies, pawnbrokers and a host of other service providers, to alert authorities of suspicious transactions. The agencies will have to appoint an implementation programme,Cheap Jerseys Authentic, appoint a special officer, report large cash transaction and even suspicious behaviour by its customers.Banks have already started the process to verify its customers, adopting stringent measures of requiring proof of address and proper identification, among other things.According to Kumar, while before there were confidentiality regarding bank accounts, the new laws in essence will make available to authorities details of accounts.By January 1,Alexander Fransson Sweden Jersey, next year, Guyana could very well end up being barred from sending monies or bank drafts overseas.Payments for oil and medicine imports will all be affected. “What we are saying is that if a particular bank has a query about a transfer, it will send a query. We have seen the number of queries increasing significantly. This will affect the delivery of goods; prices etc,Hirving Lozano Mexico Jersey, as there will be holdups.”Postponed!Yesterday, a critical meeting of the Parliamentary Special Select Committee (PSSC) on AML-CFT was postponed, sparking Government to warn that further delays continue to place Guyana in a precarious situation.According to Chairperson of the PSSC,Nicolas Castillo Chile Jersey, Member of Parliament Gail Teixeira, a meeting was scheduled for 16:30 hrs yesterday but was postponed after two members, Deborah Backer and Khemraj Ramjattan, could not be present.Backer, Teixeira said, indicated she had another meeting with the Leader of the A Partnership For National Unity (APNU), David Granger.Making it clear that work on the bill is critical and must continue,Vincent Lecavalier Lightning Jersey, the MP said that she decided to postpone the meeting for 24 hours in response to the APNU’s request. “I expect that the gravity of the situation will compel all members of the PSSC to attend the rescheduled meeting.”The official insisted that the quorum of a Parliamentary committee is three members with many meetings were held in the “Ninth Parliament and also in this present Parliament with either side having less than the requisite numbers.”President Donald Ramotar was set to meet with the Opposition Leader yesterday on the Bills.“The Government members have indicated that they remain convinced that today’s Committee meeting could have proceeded with the three Government members and the other APNU members, Mr. Basil Williams and Mr. Carl Greenidge.”According to Teixeira, crucial time was lost at the August 5 meeting when the Opposition, by majority vote, adjourned the Committee meeting to October.“The request for the postponement (yesterday) again indicates that the opposition seems to have scant interest in concluding and or supporting this Bill.”