– Govt.Attorney General and Minister of Legal Affairs, Anil Nandlall, in explaining the reason behind Government’s decision to wrap up the work of the Special Select Committee tasked with addressing the Anti Money Laundering and Countering the Financing of Terrorism Bill said that time ran out.Nandlall in an invited comment said that the Special Select Committee it is not the end of the process since, “it has to be taken to Parliament, debated, checked over,Jerseys NFL Wholesale, gazetted and then assented.”Minister of Legal Affairs Anil NandlallThose steps,NFL Jerseys Clearance, according to Nandlall, “will take some time…so it is not that we can finish the entire process in a day or two.”November 18 is the deadline set by the Caribbean Financial Action Taskforce (CFAFT) regarding the amendments to the anti money laundering laws, hence Government’s decision to wrap up the work of the Committee so that the other steps can be taken within the allotted time.Nandlall said, “having regard to the particular history of this matter, including the amount of time we have spent, efforts we have made to solicit the cooperation of the Opposition, we felt satisfied that we have exhausted all opportunities available and unless we act swiftly in this matter, we might end up with a Bill still in Committee and then we would have been part of the blame for the Bill not exiting the Committee.”He said too that what must be fundamentally noted is that the amendments did not just come from the whims and fancies of Government but rather emanate from a review of the existing law by CFATF after which they recommended the legislative changes.“We didn’t concoct it…These provisions came out of recommendations which the CFATFT made,Cheap Jerseys Free,” said Nandlall.In recent days, a number of bodies,China Jerseys, including the Private Sector Commission,Wholesale NFL Jerseys, the Insurance Association of Guyana and the Guyana Association of Bankers have come out calling for the support of the political opposition when it comes to amending the law.A Partnership for National Unity (APNU) has said that it wants more time in order to come up with the best Bill possible,Wholesale Jerseys Online, while the Alliance for Change (AFC) has called for the establishment of the Public Procurement Commission as a prerequisite for their support.Nandlall said that in the event that Guyana finds itself being blacklisted at next month’s review, then it would have a devastating impact on economic growth and that it would surely have to be revised downward again.Finance Minister, Dr Ashni Singh, in announcing the mid-year report had revised Guyana’s economic growth downward and blamed the poor performance of the sugar industry.Nandlall told this publication “it will have a devastating effect on the economy, generally. It will affect investment in the country; it will affect employment in the country. It will affect, generally, commerce and the flow of money in Guyana.”The sanctions, he said, “would manifest themselves in a variety of ways.”Nandlall told this publication that that wherever money has to leave or enter Guyana, it will be subjected to greater scrutiny with some international institutions even severing ties with Guyana.”The increased scrutiny according to Nandlall, would cause transactions to be severely delayed.Among the first to adversely feel the impact, according to Nandlall, would be remittance related companies such as Money Gram and Western Union.“The people who are the recipients of money from Western Union and Money Gram and the other places, they will be affected.”He pointed out also that 90 per cent of the items consumed in Guyana, inclusive of food, drinks and commodities are imported from overseas.Importers purchase these items by way of wire transfers though the banks.These transactions, he said, if not put on hold would be severely delayed.He said too that the insurance industry will also be critically affected given that only 15 per cent of the policies in Guyana are actually financed in Guyana.The remainder is financed through reinsurance with external agencies and the insurance conglomerates overseas may terminate their relationship with their counterparts in Guyana.He said too that Government to Government transactions as well as transactions with International Financing Institutions will also be severely hampered.