GEORGETOWN, Guyana, Chronicle - Passing the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) act is critical to the future well-being of Guyana and to all Guyanese. Guyana has an international obligation to enact legislation, which is constitutional; harmonized with the laws of other member countries in its group; able to pass peer review by those countries; and in accord with the Caribbean Financial Action Task Force (CFATF) guidelines (which in turn are based on guidelines issued by their parent body, the FATF based in Paris).

“The whole purpose of the exercise is to create a network of laws and rules that are common to every country. The act requires you to collaborate with all countries of the world to share information.” So said Guyana’s Attorney General at a forum on the subject in Toronto last week Friday.

According to the Attorney General, Guyana is the only country in the Western Hemisphere that has not enacted the requisite legislation – a consequence of the combined opposition stalling the AML/CFT bill, with its one-seat majority in the house.