Despite fierce objection by the People’s Progressive Party/Civic (PPP/C), the new A Partnership for National Unity+Alliance For Change (APNU+AFC) Government on Friday evening passed the highly controversial Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Amendment Bill 2015, paving the way for all financial transactions in the country to be monitored.
The Bill, which was introduced by Attorney General and Legal Affairs Minister Basil Williams just after 19:00h on Friday, was seconded by Finance Minister Winston Jordan, who said that in order for investment to bloom in the country, it was important that the Bill be passed, before it can subsequently be signed into law.
Jordan said that investors with whom he has met are willing to plug finances into the economy, but have expressed that their only condition would be to see the AML/CFT Bill passed and made into law. “This Bill represents the Government’s firm resolve to counter money laundering and the fighting on terrorism. The impact of money laundering on a country’s financial system can be quite severe. It can lead to large-scale insolvency…,” the Finance Minister said.
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