By the end of August 2017, Jamaica’s deposit-taking institutions (DTIs) are expected to establish a common standard for customer relationship. This is stipulated under the Bank of Jamaica (BOJ) enforceable Banking Services Code of Conduct on Customer-Related Matters, which seeks to ensure that clients of DTIs will receive fair, transparent and high-quality service. Speaking at a press conference at the...

United States (US) Ambassador to Jamaica, His Excellency Luis Moreno, says the US Mission in Jamaica is working closely with local stakeholders to curb financial crimes and boost regulatory compliance of financial institutions. This is in response to the threat of international correspondent banks cutting ties with local and regional financial institutions in a move to eliminate risk of crimes...

Minister of Finance and the Public Service, Hon. Audley Shaw, says the Government continues to lead discussions in order to counter the threat of international correspondent banks cutting ties with local financial institutions. “We are leading the way… to make sure that we have financial inclusion on a credible, transparent basis as we build a formal economy,” he said. The...

The Betting, Gaming and Lotteries Commission (BGLC) is urging persons to report illegal gambling through Crime Stop’s toll-free line, 311. Illegal gambling, which is the acceptance of wagers without a licence, affects the economy, says Director of Licensing and Registration and Acting Director of Enforcement, Maurice Thompson, at a JIS ‘Think Tank’, yesterday (October 11). He pointed out that the...

Prime Minister, the Most Hon. Andrew Holness, has called on the financial sector to ensure a regulatory environment that removes profitability from criminal activity. “We must take the profit out of crime. Criminals must have no access to the financial system; and where they operate in the informal economy and the backwaters of our country, we must find them and...

“A recent World Bank survey and study revealed that the Caribbean appeared to be the region most severely affected by the de-risking strategy,” the Minister of Finance and the Public Service, the Hon. Audley Shaw said during his address at the IMF/World Bank Annual meeting held in Washington last week. Correspondent banking relationships (CBRs) are critical for enabling key economic...

The Government is projecting that the country’s macroeconomic outlook will remain positive, with an anticipated expansion in the economy over the medium term. This is according to an interim report of the 2016/17 Fiscal Policy Paper tabled in the House of Representatives by Minister of Finance and the Public Service, Hon. Audley Shaw, on September 27. The Paper states that...