FIU Introduces Measures to Curtail Illegal Entry of Money

first_imgThe financial Intelligence Unit (FIU) has begun implementing several regulations on cross-border movement of currency.Addressing the Ministry of Information regular press briefing on Thursday, the Deputy Director General for operations at the FIU, Gabriel Bellepea, said Liberia having subscribed to an international financial task force regulation requires countries to regulate the movement of currency across borders.Bellepea pointed out that the FIU has put in measures to detect people traveling with money above the threshold.He explained that to ensure that Liberia complies with international standards, the FIU has begun enforcing the deduction of of 33.3 percent on any undeclared amount that is above the threshold of US$10,000 and investigate the legality of the money as applied by law.He disclosed that many people are in the habit of traveling with huge amounts of undeclared money so as to avoid paying taxes and because that source of the money is not legitimate.Bellepea also pointed out that cross border regulations have direct impact on fiscal policy and monetary policy, and that they “ensure stability in price levels, ensure that taxes are collected and that the relevant authorities to are aware of what is going out and what is coming in the country.”He noted that if monies going out and coming in the country are not declared, it poses serious challenges to the economy and country as a whole.He note that the FIU is about to commence the training of its staff and deploy them at various entry points around the country to effectively regulate the movement of currency in and out of the country.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

President calls for banning single-use plastics

first_imgPresident David GrangerPresident David Granger, in his World Environment Day message, said now was the time for Guyanese to act and help beat plastic pollution by curtailing their use of single-use plastics.This year, World Environment Day (June 5) was observed under the theme “Beating Plastic Pollution” and, according to the President, it reminds us that the indiscriminate and insanitary dumping of single-use plastics and other non-biodegradable substances threatens the health of citizens and the food they consume.“Plastic pollution represents a serious challenge to Guyana’s environmental security. Plastic pollution is dangerous. It has contributed to congested drainage system; resulted in flooding and insanitary conditions; depleted aquatic life and contaminated creeks, rivers, freshwater supplies and waters used for drinking, bathing, fishing and washing. Guyana is on the way to becoming a ‘Green State’. It is developing policies aimed at protecting the environment by reducing, and, eventually eliminating, plastic pollution,” the statement said.Meanwhile, United Nations General Secretary António Guterres said a healthy planet was essential for a prosperous and peaceful future, noting that we all have a role to play in protecting our only home.“It can be difficult to know what to do or where to start. That’s why this World Environment Day has just one request: beat plastic pollution. Our world is swamped by harmful plastic waste. Every year, more than eight million tonnes end up in the oceans. Microplastics in the seas now outnumber stars in our galaxy. From remote islands to the Artic, nowhere is untouched. If present trends continue, by 2050, our oceans will have more plastic than fish. On World Environment Day, the message is simple: reject single-use plastic,” the SG noted.World Environment Day is the most important day in the UN’s calendar of events dealing with the environment. It is an opportunity for nations and peoples around the world to recommit to practical policies and sustained action to promote global environmental security.last_img read more