The Caribbean Association of Banks is urging Guyana’s legislature to approve an amendment to the country’s 2009 Anti-Money Laundering and Combating the Financing of Terrorism Act.

“The passage of the AML bill is not only about Guyana, but also about the international financial sector as a whole in order to protect all financial systems, within the region, from ongoing money laundering and terrorist financing risks,” CAB Chairman Carlton Barclay said in a statement.

Passing the AML bill will not only benefit Guyana’s economy, “but strengthen our regional financial network and its reputation worldwide,” CAB said.

The Caribbean Financial Action Task Force published a report in 2011 exposing Guyanese authorities’ deficiencies in detaining and prosecuting people suspected of money laundering and financing terrorism.

Two years later, the task force blacklisted Guyana.

The Caribbean Community expressed “deep” concern in February over Guyana’s continuing delay in improving its policies against money laundering.

Source:  Fox News Latino