| By Gary EleazarThe Parliamentary Special Select Committee that was tasked with refining the Anti-Money Laundering and Counter the Finance of Terrorism Bill has completed its job.The report was tabled by Chairman of that committee, Finance Minister Dr Ashni Singh, yesterday during the opening session of the National Assembly and made public.The report, with all of its changes, will now be scrutinised by persons that were not on the committee and the Bill will be re-tabled in the National Assembly for debate.Several changes were made and to the report and the minutes of the various meetings were also presented to the House.The members of the committee were all appointed in June 2007 and two subsequent changes were effected before the Chairman was elected on July 12, 2007. The committee then met on 15 other occasions.Former Attorney General and Minister of Legal Affairs,Cheap NFL Jerseys China, Doodnauth Singh, presented the Bill, which seeks to prevent money laundering, the financing of terrorism, and to allow for the civil forfeiture of criminal assets.The legislation, when enacted, is expected to provide for oversight of export industries, real estate, alternative remittance systems and other financial institutions.Among other things, the Bill provides that the Director of Public Prosecutions (DPP) may apply to the High Court for a restraining order against any realisable property held by the accused,Cheap Authentic Jerseys, or specified realisable property held by a person other than the accused in both money laundering and terrorism cases.In relation to terrorism, the Bill seeks to empower a police rank or Customs officer, where he has reasonable grounds to suspect that any cash is intended to be used for the purposes of terrorism,Cheap NFL Jerseys China, or belongs to or is held in trust for a terrorist organisation, or represents property obtained through acts of terrorism, to seize the cash.The DPP may also apply to the High Court to freeze any account or other property held by any person on behalf of a terrorist or terrorist organisation.The Bill sets out procedures in relation to requests from another agency or another country.In connection with property that directly or indirectly constitutes proceeds of crime and the value is not less than $2 million, the court may make an interim order prohibiting the person from disposing of or diminishing its value during the period of fifty-six days from the date of making the order, the Bill outlines.It seeks to empower a High Court judge to make a restraining order prohibiting the respondent, or any other specified person, or any other person having notice of the order, from disposing of the property, unless otherwise instructed.The Bill also provides that money laundering and terrorist financing are offences for the purposes of the law relating to extradition or the rendition of fugitive offenders.Of significance, the Bill provides that all monies derived from the fulfillment of forfeiture and confiscation orders contemplated in the Act shall be paid into the Consolidated Fund.Crimes covered by the Money Laundering Prevention Act include narcotics trafficking, illicit trafficking of firearms,Wholesale NFL Jerseys China, extortion, corruption, bribery, fraud, counterfeiting, and forgery. The law also requires that incoming or outgoing funds over US$10,NFL Jerseys Cheap,000 be reported.The new legislation is generally intended to track money transfers and activities of commercial banks and other financial institutions. It will also tackle the financing of terrorist organisations.The 2007 US Drug Report on Guyana noted that Guyana is neither an important regional nor offshore financial centre,Cheap Jerseys From China, nor does it have any free trade zones. |
