OAS Urges Guyana to Approve Anti-Money Laundering Legislation

Above: OAS Secretary General Jose Miguel Insulza (Juan Manuel Herrera/OAS)

By the Caribbean Journal staff

Organization of American States Secretary General Jose Miguel Insulza is renewing his call for Guyana’s parliament to approve its Anti-Money Launding and Countering the Financing of Terrorism Act.

The bill has been under consideration by the country’s legislature for several months and its proposed passage has led to severe internal debates.

Insulza said the passage of the act was “crucial to bring the country up to standard on these matters,” noting that several of Guyana’s neighbours within CARICOM have already adopted similar legislation.

The law would put the country in compliance with the requirements of the Caribbean Financial Action Task Force.

Further delays, Insulza said, could result in “unnecessary damage to the country’s financial stature.”

He urged all political parties and other stakeholders in Guyana to “exercise leadership and understanding in seeking prompt passage of the AMLCFTA.”