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Postby duay7t15f » Wed Oct 18, 2017 1:30 am

…to combat money laundering  By Abena RockcliffeThe Financial Intelligence Unit (FIU) will undergo some major changes. Those changes will take effect afterAttorney General,Basil Williamsthe passage of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Bill.That piece of legislation, which is set to be tabled on Thursday, sets out an entire different structure for the FIU especially since it provides for the establishment of an Anti-Money Laundering and Countering the Financing of Terrorism Authority (AML/CFTA).In accordance with the Act, the Authority and the FIU will have to liaise to attain “maximum coordination” to achieve the objectives of the Act.Legislation to address money laundering has been ever improving since its enactment in 2000. The Bill was amended in 2009 and is set again for yet another amendment.The Bill to be tabled on Thursday is dubbed the strongest. It is to be presented by Minister of Legal Affairs and Attorney General, Basil Williams.This Bill will see the appointment of a body to be known as the AML/CFT Authority. That body has been given much responsibility under the Act and will be demanding more of the FIU.The National Assembly will, by a majority; and on the recommendation of the Parliamentary Committee on Appointments appoint the Authority which will have 10 members.In addition to the appointed members, the Director of the Financial Intelligence Unit,  the Commissioner of Police, the Head of the Serious Organised Crime Unit,Cheap Adidas NHL Jerseys,  the Governor of the Bank of Guyana,  the Director of Public Prosecutions, the Commissioner General of the Guyana Revenue Authority,Cheap NFL Jerseys Supply,   the Solicitor General,  the Head of the Customs Anti-Narcotics Unit,  the Chairman of the Governing Board of the Deeds and Commercial Registries Authority, will become ex officio members of the Authority.The Bill sets out that in the “unavoidable” absence of an ex officio member from a meeting, the member may be represented by his delegate.It is also stated that the ex officio members of the Authority can participate in the deliberations of the Authority but will not have the right to vote.The drafters of the Bill were keen to note that the persons eligible for appointment to the Authority are to be of good standing, integrity and character; the persons must also have knowledge of law, banking, industry or commerce being an advantage.The Bill says that the financial benefits of an appointed member of the Authority will be determined based on a recommendation from the Public Accounts Committee to the Parliamentary Committee on Appointments.Also stipulated was that an appointed member of the Authority may be removed from office by the Parliamentary Committee on Appointments with the concurrence of a majority of the National Assembly.This can only happen if the member becomes of unsound mind or incapable of carrying out duties; becomes bankrupt or compounds with or suspends any payment to his creditors; is convicted and sentenced to a term of imprisonment.A member can also be removed if convicted of any offence involving dishonesty; is guilty of misconduct in relation to his duties; contravenes any provision of any prescribed Code of Ethics in respect of which he is liable to termination of his appointment; fails to carry out any of the duties or functions conferred or imposed under the Act.The Bill mandates the Authority to give the FIU advice of a general nature as to the policy to be followed by the unit in the exercise and performance of its functions.The Authority will have the power to ensure that the work of the FIU is conducted in an efficient, fair, and cost effective manner in accordance with policy guidelines determined by the National Assembly and the Finance Minister.The Authority will also be expected to ensure that, in the national interest, the performance of the FIU accords with Guyana’s international obligations and commitments.Further, it will have to monitor and review compliance with all relevant legislation, policies and measures,Cheap MLB Jerseys, ascertain the need for any new legislation or amendments to existing legislation, and cause to be investigated any complaint,Cheap NFL Jerseys, irregularity or mismanagement on the part of the Financial Intelligence Unit and propose remedial action.The Authority may regulate its own procedure. Funds for the Authority will be provided in the yearly Budget and “all monies derived from the fulfillment of forfeiture or confiscation orders contemplated in this Act shall be paid into the Consolidated Fund.”The Bill states “For the removal of doubt, nothing in this section shall be taken to mean that the Authority is authorized to undertake the day to day operations of the Financial Intelligence Unit.”So while the Authority will be somewhat of a parent body of the FIU,Jerseys NFL Cheap, the Unit will still have to carry out its own day to day operations.This new system will represent major changes for the FIU which did not do much over its years of existence and had no real powers of scrutiny.  The unit never recommended the prosecution of anyone.In 2013, Economist,NFL Jerseys China, Professor Clive Thomas described the FIU as a “toothless poodle.” And in that very year, former United States Ambassador, Brent Hardt said that while the establishment of an FIU is good, more needs to be added to fight money laundering and the financing of terrorism.Like the case with the Authority, the National Assembly will be given responsibility to appoint the Director and the Deputy Director of the FIU.The persons appointed Director and Deputy Director will need to have at least ten years’ experience in law, finance, economics, or accounting at the highest managerial level and formal training in, and sound knowledge of statistics, financial investigations or banking.The Director assisted by the Deputy Director shall carry out the functions of the Financial Intelligence Unit in accordance with this Act.
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