Jamaica widens strategies to deal with money laundering

Jamaica has widened its strategy to deal with money laundering with the Senate giving approval to 5 orders under the Proceeds of Crime Act (POCA).

The orders cover non-financial businesses and professions and Justice Minister Mark Golding said the administration had determined that certain sectors that were outside of the traditional financial sector, and in keeping with international requirements and trends, should be subjected to anti money laundering measures.

“The reason for this is that criminals often need to use the services of these professionals and others to launder their illicit cash.

“As a consequence, having these professions being subjected to anti-money laundering measures is a strong deterrent to launderers, and should also assist law enforcement in tracking assets, where these professionals make the required disclosures under law,” he said.

Golding said that the purpose of the orders was to designate these professions as non financial institutions under the provisions of Proceeds of Crime Act.

“The effect of this designation is that these professions will then be brought within the definition of a regulated sector and thereby be subjected to certain anti money laundering obligations under the POCA and the proceeds of crime money laundering regulations.”

The orders will come into effect on April 1, 2014, except for the Proceeds of Crime (Designated Non-Financial Institution) (Attorneys-at-law) Order, which will take effect in June 2014. -(CMC)