The senate received full support for a move that could see trusts and corporate services providers added to the list of entities required to report on customers’ transactions. The order was accepted as part of the terrorism prevention act, which seeks to strengthen Jamaica’s financial systems.
In an effort to further strengthen legislation to fight money laundering and terrorism financing, the government of Jamaica has approved the upgrading of section 15 of the terrorism act to have trusts and corporate service providers added to the list of reporting entities. Senator Kamina Johnson-Smith, highlights the importance of these systems in delivering better protection through compliance with international standard, which will build user trust in financial institutions, and other entities.
While throwing his full support behind the order, leader of opposition business senator peter bunting pointed out an area of vulnerability. Referring to the national risk assessment review, he raised concern about the possibility of money laundering activities among real estate developers. In response government Senator Johnson smith says laws in respect to dealers and developers are up for reform.
