Mark: Govt wants to take over Central Bank

OPPOSITION Senator Wade Mark accused the Government of trying to undermine the independence of the Central Bank by reducing the tenure of its Governor by a bill allegedly rushed through Parliament.

He spoke on Thursday in the Senate on the Miscellaneous Provisions (FATF Compliance) Bill 2020. Mark said the Opposition was suffering “parliamentary violence, contempt, disrespect and abuse” from the Government, akin to the domestic violence faced by some of TT’s women and girls.

Attorney-General Faris Al-Rawi, who had just piloted the bill, rose to object that Mark’s words were allegedly inflammatory.

Saying the bill alters 13 existing laws, Mark complained, “We have a duty to scrutinise very complex legislation in just 20 minutes.”

He said the bill was loaded with sweeping infringements to citizens’ rights using the cover of FATF. “What does the Central Bank Act have to do with FATF?

“Tell me what FATF has to do with reducing the Central Bank’s tenure from five to three years?”

Mark alleged the Government wants to control the Central Bank and turn it into a virtual division of the Ministry of Finance. “They want puppets, with this outrageous amendment to the Central Bank Act which we completely reject.”

He said since April, someone has been acting as the Inspector of Banks. “No deputy governors have been appointed by this Government. No support, only a governor.”

Accusing the Government of an invasion of the bank’s independence, he mockingly asked why didn’t they reduce the governor’s term to just one year.

“Is Government seeking to take charge of monetary policy?

Saying the AG had not explained why the governor’s term should be reduced, he asked if the AG had consulted past governors.

Mark said the Government’s proposal to introduce administrative fines in the bill but without quantifying them was a clear breach of due process.

“It is unconstitutional.” He said he had heard the fines would be $5 million.

“The fines are being determined in the absence of any hearing. We are very concerned about the draconian measures the Government is imposing on the country.”

Mark said the Government has said money under the purview of the bill could be used for any purpose, but he said under the Proceeds of Crime Act, a Seized Assets Advisory Committee decides how the funds will be spent, not the Finance Minister.

Mark lamented that the bill proposed to alter the Interception of Communication Act by allowing the authorities to access people’s “stored data.”

He said this lets a police constable seek a court order to access someone’s phone records from ten or 15 years ago. Mark said a bill for such retroactivity can only be passed by a special majority.

“We’ll be making sweeping amendments to this legislation.

“The UNC will not co-operate with Government on any measure they bring to the Parliament until they bring proper procurement legislation to this Parliament.”