Gya: No more dirty money

MINISTER of Finance Saisnarine Kowlessar has reiterated government's commitment towards eradicating money laundering activities.

Speaking at the opening of an anti-money laundering seminar yesterday at the Le Meridian, Pegasus jointly organized by the Bank of Guyana and the Caribbean Anti-Money Laundering Programme (CALP), Minister Kowlessar declared: "The government is deeply committed to eradicating this activity for several reasons. We are concerned because of the links that money laundering has with criminal activities, since we have all experienced this, directly or indirectly over the recent past and consequently, the case for stamping out this practice. It is possible to reduce the circulation of money in hardcore criminal activity by restricting money laundering and in so doing contain the underlying criminal enterprise."

He stressed that government's anti-money laundering commitment is evidenced by the enactment of the Money Laundering Prevention Act of 2000 and drafting of the implementing regulations, obtaining membership in the Caribbean Financial Action Task Force (CFATF) as well as the establishment of Financial Institutions Unit specifically to address this problem.

Mr. Kowlessar added that money laundering also undermines the quality and effectiveness of key institutions, pointing out that in societies in which such activities are prevalent the financial sector tends to be weak and ineffective, and this is translated to the institutions tasked with the maintenance of law and order which are the foundations of authority and government.

Passing a law is one thing. Actively enforcing it is another. So, let's see if Guyana's government means what it says.