Guyana welcomes foreign help in fight against money laundering

United States Ambassador D Brent Hardt has saluted Guyana’s efforts and willingness to work with its Caribbean neighbours to investigate and prosecute corruption, support anti-bribery laws, and fight money laundering.
Hardt was speaking at the launch of a Financial Crimes Stakeholder Conference and applauded the administration’s commitment to denying criminals safe haven. “We stand ready to support Guyana’s effort to strip criminals of their illicit wealth and sever their access to global financial systems,” Hardt stated.

He pointed out that the U. S. efforts are geared at contributing to the enhancement of public security, fostering a business-friendly environment and supporting an investment climate in Guyana.
Hardt mentioned that the conference was intended to bring clarity to the complex challenge affecting Guyana and the world at large. The U. S. ambassador described money laundering and other financial crimes as serious global threats. He noted that jurisdictions that are flooded with illicit funds are vulnerable to the breakdown of the rule of law, corruption of public officials, and destabilisation of the economy.
No economy immune
“With the development of new technology and the possibility of linkages between illegal activity that generate proceeds, transnational crimes and funding of terrorism groups have only exacerbated the challenges faced by financial law enforcement; supervisory, legal and the intelligence community. As a result, no economy is immune to this type of activity and no nation can combat the threat alone,” Hardt said.
According to the United Nations Office of Drugs and Crime, criminals typically hide illegal proceeds in legal structures such as shell companies and charitable foundations.
These companies often undercut or undermine legitimate entities, making it difficult for them to survive and prosper. The Caribbean is being seen as the primary destination for illicit funds and shell companies and the UN acknowledges the fact that the Caribbean is the most popular destination for cocaine-related income.
Hardt said that only by working in partnership and acting strategically to counter cross-border criminal threats, can the world as a global village, effectively target the common denominator – money.
Western diplomats from the United States, United Kingdom and Canada are now offering help to assist in taking on the fight against financial crimes, including money laundering. Guyana has welcomed the assistance.
Fine-tuning at Cabinet
Meanwhile, President Donald Ramotar said Guyana’s Anti-Money Laundering and Countering the Financing of Terrorism legislation was fine-tuned at the level of the Cabinet on Tuesday, and will be taken to Parliament soon. His only hope, however, is for the legislation to win the approval of the Parliament where the opposition has a one seat-majority and a tendency to reject anything that it is not convinced has been justified.
The legislation, which was crafted following consultation with key stakeholders and won the support of the international community, came out of an abiding concern to meet international obligations in the fight against narco-trafficking, financial crimes, and terrorism, President Ramotar said.
The legislation, he added, was also premised on the need to support the “moral life of the Guyanese society” and setting the record straight on money laundering rumours in Guyana.