Jamaica
News - Real Estate - Finance (November
10, 2004)
Dragnet widens Lawyers, others to report suspicious money transactions
MONEY LAUNDERING legislations are to be widened
to force lawyers, accountants, real estate agents, and major car dealers to
report suspicious business transactions that only financial institutions are now
required to do.
The move is aimed at preventing money
launderers from penetrating and corrupting the private sector.
Solicitor General Michael Hylton OC made the
disclosure yesterday during an address to the Rotary Club of St. Andrew, at the
Jamaica Pegasus Hotel, New Kingston.
COMBAT MONEY LAUNDERING
Speaking on the topic, 'The Role of the
Private Sector in a Shrinking World', Mr. Hylton said Jamaica was a member of
the Caribbean Financial Action Task Force (CFATF) which seeks to help
member-countries combat money laundering and other financial crimes, by
implementing certain rules and guidelines.
Member-countries, Mr. Hylton added, which fail to
do so, could be 'blacklisted', resulting in the reduction or termination of
international financial aid.
"Within the next few months, Jamaica
along with much of the rest of the world will have to put in place legislation
which will allow the designation of new gatekeepers," Hylton said.
"It is expected that the designations will
not be effected without consultation with the affected professions and
occupations, but the group is likely to include accountants, attorneys, real
estate agents, and even dealers in high-value goods," he said, referring to
major car dealers as an example.
During yesterday's sitting of the House of
Representatives, Dr. Omar Davies, Minister of Finance and Planning, tabled the
Money Laundering Amendment Bill and the Financial Investigations Division Act
which will see measures implemented to combat financial crimes. The Finance
Minister, noting that interest groups should have a say in the structure of the
bills, named House members to be included in a joint select committee to
consider the bills before they are debated "It is important that our people
get an opportunity to understand... the potential encroachment on the rights of
citizens," said Audley Shaw, Opposition spokesman on finance.
Like financial institutions, the solicitor
general emphasised that the new professional groups or 'gatekeepers' will be
required to know their customers or clients, their businesses, and implement
systems to detect and report suspicious transactions to law enforcement
authorities.
Mr. Hylton said the cost of not implementing
these measures would prove more costly to Third World economies, like Jamaica's,
in the long run.
NO PROBLEM
Meanwhile, several of the professional
organisations said they would not have a problem adhering to
new regulations to curb money laundering activities.
Linroy Marshall, president of the Institute of
Chartered Accountants of Jamaica (ICAJ), said members as well as their clients
have always tried to embrace Government regulations.
"What the specifics of any new law will
require of accountants or anybody else, will be determined when it is
passed," he said.
Kenneth Shaw, president of the Jamaica Used Car
Dealers Association (JUCDA), echoed similar sentiments.
"We are more than willing to comply with whatever regulations the
Government will put in place to regulate different aspects of the economy,"
he said.
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