| Businesses expressed worry over the absence of anti-money laundering legislation, on Wednesday, saying that they have already been receiving warning letters from countries overseas, including Trinidad, of the need to comply.During a dinner at the Pegasus Hotel, to celebrate the 50th anniversary of the Guyana Manufacturing and Services Association (GM&SA), former Chairman Ramesh Dookhoo said that it is becoming almost “impossible” to do business overseas with the absence of legislation.Even the sending of a cheque has become a problem, with businesses being asked to provide information on shareholders, Dookhoo said.There are now reports that a number of overseas banks are refusing to send money to Guyana via transfers which were once considered routine.The issue has been a critical one for Guyana, with the international community moving to ensure money from illegal activities does not end up financing terrorism or is ‘cleaned’ in the banking and other financial systems.Guyana was supposed to have introduced new legislation and measures earlier this year or face sanctions. However, proposed changes tabled in the National Assembly were not passed, with the Opposition sending it to a special Parliamentary committee to be studied. Government had asked an extension of time and was granted until next month in which a mandatory review is to be made. It is likely to be debated in the coming session.FinancingUnder required measures, banks, insurance companies, money transfers and a host of other entities dealing with cash transactions have to report suspicious transactions to regulators. The new laws will also empower Government to seize assets that are proven to have come from illegal activities.Failure to meet the stipulated deadlines could see sanctions which include Guyana being blocked from conducting overseas transfers,Adidas Shoes On Sale Clearance, which would ultimately have repercussions on trade and the even online purchases. Places like money transfer agencies and even pawnshops can be affected.Dookhoo, a senior executive at Banks DIH, “appealed” to Leader of the Alliance For Change, Khemraj Ramjattan,Cheap Nike Shox, who was present, to look into the issue and to “forget about petty politics”.Also there were President Donald Ramotar, Prime Minister Samuel Hinds, members of the diplomatic corps, and several representatives of the business community.Addressing the gathering of business leaders, President Ramotar admitted that financing was a critical challenge facing the private sector, with a large liquidity in the banks. He tagged the need for lending rates to become even more affordable, with a stronger relationship between the manufacturing and financing sector needed.GM&SA, he said,Cheap Lightning Jerseys, was born 50 years ago at a time when the country was preparing to become independent, and Government had seen the need then for establishing the Bank of Guyana, the University of Guyana and the first industrial site.He said there was opposition then to a number of transformative projects, like the university,Deion Sanders Falcons Jersey, with the same level of opposition now to initiatives that are critical. Projects affected, the President said, include the Amaila Falls hydro, which is in limbo after the US developer pulled out in August.Making a pitch for the hydro,Cheap Air Max 95 Sale, the Head of State said it was critical to make operations of the manufacturers cheaper and Guyana more competitive in the long run. He said that back then the press had been critical of projects and again it is happening.“Guyana cannot afford to be pushed back.”AttacksThe President was also critical of what he said were “vicious” attacks against technical officials in Government. He named Winston Brassington, Mahender Sharma and Sherlock Isaacs, as among those under attack.Brassington is head of the government’s investment and privatization arm and sits as Chairman of the Guyana Power and Light Inc. He has been under scrutiny in a number of deals and projects, including the Marriott Hotel and the Amaila Falls hydro.Sharma heads the Guyana Energy Authority. Isaacs is the Clerk of the National Assembly.According to President Ramotar, the “attacks” have not been good for the image of the country.At the dinner, GM&SA also launched its 50th Anniversary Souvenir Magazine, one of several events planned for the commemoration.Several founding members and business personalities like Dr. Yesu Persaud, Continental Group, Banks DIH, the Kissoon Group of Companies,Cheap Air Max 270 Womens, George Jardim, Toolsie Persaud, Claude Geddes and Sattaur Gafoor,Montreal Canadiens Gear, were mentioned as being instrumental in the development of the association. Making presentations were shipping executive, Oscar Phillips, Ramesh Dookhoo, Major General (ret’d) Norman McLean and Mohabir Singh, whose family is involved in the furniture business. |
