MONTEGO BAY, JUNE 23, 2016 - In a move reminiscent of that of the Financial Intelligance Unit, set up by the PNP government of the 1970's to clamp down on money laundering and the illegal movement of large sums of cash out of Jamaica, the Ministry of National Security has opened a cash verification room at the Sangster International Airport in Montego Bay, St. James.
Acting Permanent Secretary in the Ministry of National Security, Karen Clarke Davis, has justified this by saying all countries are required to establish mechanisms to prevent money laundering.
"The successful laundering of funds as you know, which is as a result of criminal activity, is critical for the sustaining of organised groups, hence appropriate counter measures must be established by member countries," she explained.
The room will be used by the authorities to question persons leaving the island with large amounts of cash.
"The requirement is such that if they have cash in excess of US$10,000 or its equivalent, a declaration must be made," she declared.
The Division has evolved with time and the objectives now focus on the need to deter the use of Jamaica’s economy for money laundering and other financial crimes thereby contributing to a stable financial sector and an investor friendly environment.
Part of the mandate of the FID is to also increase public awareness of financial crimes and the impact and importance of their elimination from the society.
With the passage of the Proceeds of Crime Act (POCA), 2007, has come the increased responsibilities of the Division to grant “consent to perform a prohibited act”, to financial institutions – a new concept.
Under this legislation, the increase in investigative powers inter alia and the operation of the Asset Recovery Agency which is charged with the responsibility of seizing assets and removing the profit out of crime.
Last modified onFriday, 24 June 2016 09:06
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