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Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at the Jamaica Pegasus Hotel in New Kingston, on Wednesday (October 27). The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at the Jamaica Pegasus Hotel in New Kingston, on Wednesday (October 27). The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.

Government To Prioritise More Policies To Facilitate A More Inclusive Economy

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Government will be prioritising additional policies that facilitate a more inclusive economy for Jamaicans. Dr. Clarke notes that work to this end has commenced with the...
Executive Director, Transformation Implementation Unit (TIU), Maria Thompson Walters, addresses a Jamaica Information Service (JIS) ‘Think Tank’, at the agency’s head office in Kingston on Thursday, October 28, 2021.
Executive Director, Transformation Implementation Unit (TIU), Maria Thompson Walters, addresses a Jamaica Information Service (JIS) ‘Think Tank’, at the agency’s head office in Kingston on Thursday, October 28, 2021.

Shared Corporate Services Impacting Government Positively
The House of Representatives began debate on the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021, on Wednesday (October 27). Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the Bill seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to on August 18, 2017 and awaits an appointed day. The Principal Act seeks to regulate international trust and corporate service providers to prevent the misuse of these business arrangements as vehicles for illicit ends, such as money laundering and terrorism financing. “The Bill aims to remove the distinction in treatment between the domestic and international service providers by bringing domestic services providers under the ambit of the legislation and to strengthen the provisions of the Principal Act,” Dr. Clarke said. He noted that the Principal Act sought to regulate providers of international trust and corporate services and applies to individuals, firms and companies that engage in the business of providing international services. “However, whilst the Act awaited the development and promulgation of regulations, it was recognised that there was a need to include domestic corporate and trust providers into the regulatory ambit of the Act, because to maintain any distinction in treatment between the domestic and international service providers would run afoul of the requirements and standards of the Financial Action Task Force (FATF) requirements,” Dr. Clarke said. (more) Debate begins…2 “Importantly, this was amongst the deficiencies cited in Jamaica’s anti-money laundering countering of terrorism financing supervisory regime and contributed to Jamaica’s inclusion in the current FATF grey list issued on February 21, 2020, as a jurisdiction subject to increased monitoring,” he added. (more) The Minister said the amendment to the Act is critical to redeeming Jamaica’s standing and forms part of the suite of actions that are required for the country’s removal from any of those listings by FATF. Debate on the Bill was suspended and will continue during another sitting of the House of Representatives.
The House of Representatives began debate on the International Corporate and Trust Services Providers (Change of Name and Amendment) Act, 2021, on Wednesday (October 27). Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the Bill seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to on August 18, 2017 and awaits an appointed day. The Principal Act seeks to regulate international trust and corporate service providers to prevent the misuse of these business arrangements as vehicles for illicit ends, such as money laundering and terrorism financing. “The Bill aims to remove the distinction in treatment between the domestic and international service providers by bringing domestic services providers under the ambit of the legislation and to strengthen the provisions of the Principal Act,” Dr. Clarke said. He noted that the Principal Act sought to regulate providers of international trust and corporate services and applies to individuals, firms and companies that engage in the business of providing international services. “However, whilst the Act awaited the development and promulgation of regulations, it was recognised that there was a need to include domestic corporate and trust providers into the regulatory ambit of the Act, because to maintain any distinction in treatment between the domestic and international service providers would run afoul of the requirements and standards of the Financial Action Task Force (FATF) requirements,” Dr. Clarke said. (more) Debate begins…2 “Importantly, this was amongst the deficiencies cited in Jamaica’s anti-money laundering countering of terrorism financing supervisory regime and contributed to Jamaica’s inclusion in the current FATF grey list issued on February 21, 2020, as a jurisdiction subject to increased monitoring,” he added. (more) The Minister said the amendment to the Act is critical to redeeming Jamaica’s standing and forms part of the suite of actions that are required for the country’s removal from any of those listings by FATF. Debate on the Bill was suspended and will continue during another sitting of the House of Representatives.

Debate Begins on Bill To Regulate International Trust And Corporate Service Providers
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at the Jamaica Pegasus Hotel in New Kingston, on Wednesday (October 27). The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, addressing the Insurance Association of Jamaica (IAJ) semi-virtual microinsurance conference at the Jamaica Pegasus Hotel in New Kingston, on Wednesday (October 27). The event was held under the theme ‘Microinsurance – The Jamaican Perspective’.

Insurance Soon To Be A Reality For Informal And Small Businesses
Programme Director, Planning Institute of Jamaica (PIOJ) Community Renewal Programme, Charles Clayton, makes a point during a Jamaica Information Service (JIS) Think Tank at the agency’s head office in Kingston on Wednesday (October 27).
Programme Director, Planning Institute of Jamaica (PIOJ) Community Renewal Programme, Charles Clayton, makes a point during a Jamaica Information Service (JIS) Think Tank at the agency’s head office in Kingston on Wednesday (October 27).

Persons Invited To Register For PIOJ Symposium On Best Practices For Social And Community Renewal

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: Minister of State in the Ministry of Finance and Public Service, Hon. Marsha Smith.
Finance & Public ServiceTechnology

More Jamaicans Encouraged To Do Digital Banking

More Jamaicans are being encouraged to become a part of the formal banking system by reaping the rewards available through digital banking. The call came from the Ministry of Finance and the Public Service at the second staging of their virtual Wealth Summit on Wednesday (October 20), with a focus on Digital Financial Inclusion. Delivering opening remarks at the event,...
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Finance & Public Service

Business Operations this Saturday for Select Tax Offices

Tax Administration Jamaica (TAJ) is reminding the public that it will open select Tax Offices this Saturday October 30, 2021, and every last Saturday of the month for the remainder of the 2021/22 financial year, subject to any announcements by the government on Covid containment measures. The Tax Authority is reporting collections of over $244M, which translates to approximately 19,000...
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Finance & Public Service

Consumption Taxes for September Due Friday October 29

Tax Administration Jamaica (TAJ) is reminding business persons that Consumption Taxes for the month of September are due on Friday October 29, 2021, to include GCT, SCT, TCT and GART. This is in keeping with the requirement for these taxpayers to make their monthly Consumption Tax Returns and payments on the last working day of the month, after the end...
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Member of Parliament for St. Elizabeth North Eastern, Delroy Slowley, makes his contribution to the 2021/22 State of the Constituency Debate in the House of Representatives on Wednesday (October 20).
EducationFinance & Public ServiceParliament

150 Tertiary Students In St. Elizabeth North East to Benefit From Support

A total of 150 tertiary-level students from the St. Elizabeth North East constituency are to benefit from an additional disbursement of $6 million to aid in their educational expenses. This was disclosed by Member of Parliament for the area, Delroy Slowley, who said that the support is in addition to the assistance provided to nearly 60 tertiary students, who have...
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Statistical Institute of Jamaica (STATIN) Director General, Carol Coy, speaking during the agency’s digital quarterly media briefing on Wednesday (October 20).
Finance & Public Service

2.3 Per Cent Inflation Out-Turn for September

The Statistical Institute of Jamaica (STATIN) is reporting that the inflation rate for September 2021 was 2.3 per cent. Director General, Carol Coy, said that the out-turn was largely due to a three per cent increase in food and non-alcoholic beverages, the heaviest weighted division in the consumer price index (CPI). “This is the largest increase recorded for this division...
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Statistical Institute of Jamaica (STATIN) Director General, Carol Coy (left), is in discussion with Deputy Director General, Leesha Delatie-Budair, prior to the agency’s digital quarterly media briefing on Wednesday (October 20).
Finance & Public Service

US$789.2 Million In Export Earnings for January to June

Jamaica generated US$789.2 million in export earnings during the first half of 2021, between January and June. The out-turn represents a 28.3 per cent increase over the corresponding period last year, the Statistical Institute of Jamaica (STATIN) has reported. “This was largely due to an increase in the value of exports from the manufacture, and mining and quarrying industries, which...
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