Money laundering legislation for Parliament soon – Minister Rohee
Georgetown, GINA, March 5, 2007
The Money Laundering Prevention (Amendment) Act which is expected to be tabled in Parliament shortly will provide for seizure of assets derived as proceeds of crime. These include money, investments, and real and personal property.
“We are committed to addressing the issue of money laundering, and I am committing in this House that the money laundering legislation will be brought to this National Assembly shortly,” Minister of Home Affairs Clement Rohee said recently in Parliament.
The new legislation is expected to incorporate the 40 recommendations of the Financial Action Task Force (FATF) on Money Laundering, along with an additional nine recommendations relating to terrorist financing.
A final draft of the legislation was completed but because it was handed over about two-weeks prior to the dissolution of Parliament in April 2006, the legislation could not have been passed.
The new legislation is also expected to provide for oversight of export industries, the insurance industry, real estate and alternative remittance systems.
The Act establishes the Guyana Revenue Authority (GRA), the Customs Anti-Narcotics Unit (CANU), the offices of the Attorney General, and Director of Public Prosecutions (DPP) and the FIU as the authorities responsible for investigating financial crime.
The Money Laundering Prevention Act of 2000 criminalizes money laundering related to narcotics trafficking, illicit trafficking of firearms, extortion, corruption, bribery, fraud, counterfeiting and forgery.
The United States (US) Department of State, International Narcotics Control Strategy Report 2007 recommended that the government of Guyana introduce a Financial Intelligence Unit (FIU) - drafted money laundering legislation as early as possible in the current legislative session. The report was released on March 1.
The FIU along with other external agencies was tasked with producing draft legislation to replace the Money Laundering (Prevention) Act of 2002.
In order to improve Guyana’s anti-money laundering regime, the FIU has prepared drafts of legislation criminalizing the financing of terrorism and expanding the scope of the money laundering offense.
The unit was established in 2003 within the Ministry of Finance and receives its funding through the Ministry.
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National Flag carrier proposed for Guyana
-to be launched by mid-2008
Georgetown, GINA, March 5, 2007
President Bharrat Jagdeo meets representatives of Bombardier Aerospace to discuss a proposal for the establishment of a national flag-carrier (OP Photo).
President Bharrat Jagdeo today met representatives of an aircraft construction company to discuss the establishment of a national flag carrier by next year.
The proposed plan includes financing and part-management of the new airline by the Canadian-based parent company, Bombardier Aerospace.
Among those comprising the delegation at State House were Bombardier’s Director of American Sales, Ross Gray and Chief Executive Officer of the proposed company; Air Guyana, Tulsi Ram Issurdatt.
According to Gray, “We are prepared to provide all the private enterprise equipment and support necessary for the firm’s establishment and operations.”
He expressed confidence in Guyana’s potential and described the venture as one with ‘tremendous opportunities’.
Bombardier Incorporated is a world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services.
Its revenues for the fiscal year ended Jan. 31, 2006, were US$14.7 billion.
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Security arrangements- Region’s strongest legacy for CWC
- PM Manning
Georgetown, GINA, March 5, 2007
Aside of the 19th Rio Group Summit Prime Minister of Trinidad and Tobago and lead Regional Head for Security Patrick Manning told the local media fraternity that security arrangements for the upcoming 2007 Cricket World Cup games will be the strongest legacy after countries of the Caribbean Community (CARICOM) complete hosting the games.
“Of all of the arrangements that have been made for World Cup Cricket, I think the security arrangements will give us the most enduring legacy. The arrangements are complex, they have taken a lot of time to put in place and it will significantly facilitate travel in the Region and that is one of the areas of which we are very proud.”
Manning said the collaboration among the various security agencies and information exchange is advanced and he is pleased with the arrangements thus far.
CARICOM signed a Memorandum of Intent (MOI) on co-operation regarding development of an Advance Passenger Information system with the United States last year. This will allow the US access to information about people travelling to and from the Caribbean and also within the region.
The Regional security strategy includes a common CARICOM Visa Policy; an Advance Passenger Information System and standard procedures to be applied at ports of entry to facilitate the smooth flow of visitors through airports; the sharing of intelligence among CARICOM states and the establishment of a centre to be shared with international partners and a regional security plan which allows for the establishment of a regional law enforcement body.
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