6 Financial Institutions Flagged by FID, Probe Launched

According to the Chief Technical Director of the Financial Investigations Divisions, (FID) Selvin Hay, more effort is needed to tackle money laundering in Jamaica. This and more was disclosed at a FID press conference held in observance of national anti-money laundering day on Friday, October 29.

At least six financial institutions across the island have been flagged by the financial investigations divisions, FID since the start of the year, for unlawful activities. According to Principal Director of the FID, Keith Darien, the six unnamed institutions have been operating in the financial sector contrary to the law and are open to facilitating money laundering.

Despite this, Darien says there is generally a high level of compliance by financial institutions to the provisions of the Proceeds of Crime Act, (POCA). He noted that currently they are experiencing a compliance rate of 90%.

This he says is a 50 percent increase in the number of investigations conducted into asset recovery and a 130 percent increase in the value of criminal assets or benefits identified, which are subject to confiscation or forfeiture order. At present, there are approximately forty active criminal forfeiture cases being handled by the FID.

More in this CVM Live story from Robian Williams: