Georgetown : Stakeholders within the mining industry have registered their concern with regards to the non-passage of the amendments to the Anti-Money Laundering and Countering the Financing of Terrorism Act.
Minister of Natural Resources and Environment, Robert Persaud informed that the passage of the amendment Bill will see Guyana in approximately 95 % compliance with its international obligations and will put the country in good standing; safe from the threat of blacklisting.
As it stands now, there is a level of uncertainty and this has a profound impact on the mining sector. Miners and investors have already indicated that should Guyana be blacklisted, by not having the legislation passed in the National Assembly, it would affect transactions, particularly between local and international commercial banks.
Minister Persaud explained that, “a miner who would want to recapitalise and buy spares through a legitimate transfer from a commercial bank in Guyana to a corresponding bank in the US or the Caribbean, his transactions could be affected if Guyana is blacklisted.”
In terms of foreign investment, several international companies have invested in Guyana’s mining and forestry sector. Minister Persaud explained that if they need to source equipment or supplies overseas then they may have to engage international financial institutions and being blacklisted could delay, disrupt or even prevent transactions altogether.
It would be up to the discretion of international banks, how they treat with transactions from commercial banks in Guyana.
“It is a concern to the investors of the extractive industry and of operators. They do not want Guyana to be blacklisted because it will be bad for business and the country’s economy as a whole…they see at the individual level, how they can be affected and we do hope that the Opposition would recognise the potential economic damage this can cause to a number of activities,” the Minister said.
Meanwhile, the Government remains hopeful that the Parliamentary Opposition will see wisdom in passing the amendments as soon as Parliament reconvenes next month. 
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