GEORGETOWN, Guyana, Feb 11, (CMC) – The Caribbean Community (CARICOM) Secretariat Tuesday said it was “deeply concerned” at the failure of Guyana to approve the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT).

In a statement, the Guyana-based CARICOM Secretariat said the regional grouping was “at the continuing delay in Guyana’s progress towards implementing recommendations to address deficiencies in its anti-money laundering regime.

“CARICOM calls on all parties involved in the process to take all necessary actions without further delay to have the necessary reforms implemented,” it said.

The Organization of American States (OAS) said it was offering to help Guyana ensure that it enacts legislation dealing with anti-money laundering and terrorism. OAS Secretary General, José Miguel Insulza, has called for the “timely approval” the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) in the Guyana Parliament. Insulza said that passage of the legislation “should bring the country up to standard on these matters”.

Guyana, already blacklisted by the Caribbean Financial Action Task Force (CFATF) faces the possibility of further sanctions after government claimed that the opposition were again withholding support for the AML/CFT Act.

Government chief whip, Gail Teixeira, said the opposition controlled National Assembly appears to have put the legislation on “pause” after it failed to agree on amendments to the AML/CFT.