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

KINGSTON, Jamaica, Thursday December 5, 2013, CMC – Jamaica has widened its strategy to deal with money laundering with the Senate giving approval to five Orders under the Proceeds of Crime Act (POCA).

The Orders cover non-financial businesses and professions and Justice Minister Mark Golding said the government 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 POCA.

“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.”

Opposition Senator, Alexander Williams, said there was support for the legislation as it “will tighten our compliance with the requirements laid out by the financial action task force.”

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.

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