The blacklisted status applied to Guyana by the Caribbean Financial Action Taskforce (CFATF) is akin to that which was applied to Iran and North Korea.This is according to Roger Hernandez, a financial advisor with CFATF, who in an invited comment to clarify the status of the decision on Guyana said, “Guyana’s CFATF listing is similar to the listing that the Financial Action Taskforce (FATF) has applied to Iran and North Korea in that it calls on its members to apply counter-measures against Guyana in particular against financial transactions and relationships with persons and businesses from Guyana.”He said that the language used by FATF when it issued a warning against Iran and North Korea is the same applied for Guyana.“You will see that the language is the same as that applied against Guyana,” said HernandezHe noted too that the CFATF statement is also carried on the FATF website which is also effectively,China Jerseys Wholesale, “warning all FATF members, which includes all the major economies of the world.”Hernandez said that in order for Guyana to get off the list, it has to do what the public statement says, pass the requisite legislation and remedy the identified deficiencies in the statement.This past week, following a review of Guyana’s compliance as it relates to the CFATF recommendations for Guyana in addressing its deficiencies when it comes to Anti-Money Laundering and Countering the Financing of Terrorism, Guyana was found wanting and as such was blacklisted.CFATF has called on its member countries to “consider implementing counter measures to protect their financial systems from the ongoing money laundering and terrorist financing risks emanating from Guyana.”In its review it was found that Guyana had strategic anti-money laundering deficiencies. Further, it did not make sufficient progress to address the deficiencies or did not comply with its Action Plan developed with CFATF to address these deficiencies.That body was making direct reference to the voted down Anti Money Laundering and Countering the Financing of Terrorism Bill which was voted down in Parliament recently.In November 2011, the international regulators had warned the Bharrat Jagdeo administration that the country needed to take steps to ensure that the nation had strong financial regulations but this was ignored and two years later, the country is still to comply with the necessary measures hence the blacklisted status.Cabinet Secretary Dr Roger Luncheon explained, last month that the amendments were fashioned by CFATF and that Guyana had no option.However,Cheap Jerseys, for the two years that CFATF ordered Guyana to get the necessary legislation in place, the administration did nothing.It was only in April of this year that the Bill made its way to Parliament at which point in time the political opposition voted to send it to a Parliamentary Select Committee.That Bill was returned to the Full House but did not find favour with the Opposition which argued that the work of the Committee was not completed and wanted it recommitted.When Government refused and put it up for a vote, the opposition rejected the Bill in its current form and voted against it.The CFATF decision will inevitably affect payments for oil, family remittances,Cheap Jerseys From China, payment for goods and a host of other transactions that could virtually cripple trade.The Accounting Firm Ram and McRae have since cautioned that while there will be consequences but one should not press the panic button.“We do not anticipate that countries will stop doing business with Guyana. We believe, however, that there will be consequences for businesses and individuals alike as other countries review the framework within which transactions are carried on with Guyana,” said Ram and McRae.Guyana will be reviewed again in May to see if the deficiencies have been corrected, according to Attorney General and Minister of Legal Affairs, Anil Nandlall, who would have led a team this past week to the Bahamas plenary.With the news of the country being blacklisted, Government and the Opposition continued pointing fingers at each other over the delays and fallout.CFATF,Cheap Jerseys Outlet, in a statement on Guyana to its members, explained that in November 2011,China NFL Jerseys, it notified its members that certain deficiencies in their Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) will have to be corrected. An action plan with target dates was developed by both Guyana and CFATF to address the deficiencies.The body, in rendering its decision, said that as a result of Guyana not meeting the agreed timelines in its action plan, it has recommend counter measures be put in place when transa