Tuesday, November 26, 2013
Guyana's Finance Minister Dr Ashni Singh believes that the decision by the Caribbean Financial Action Task Force (CFATF) to encourage its member countries to implement counter measures to protect their financial systems from ongoing money laundering and terrorist financing risks emanating from Guyana will undoubtedly deter investor interests and limit the country's marketability.
Dr Singh went on to explain that "Guyana's credibility in the international community will be severely damaged. International business relations with Guyana will be subjected to intense scrutiny which inevitability will become bureaucratic and costly for investors."
According to the Guyana Ministry of Finance, the consequences of the CFATF action are far reaching and could include delays in money transfer systems, international bank exchanges and in the shipment of goods.
The fear of additional paperwork on any or all of the above transactions has also been cited.