Entities Must Report Unusual Financial Transactions
By: , November 30, 2017The Key Point:
The Facts
- This is being facilitated through Order Resolutions under the Terrorism Prevention Act, which were approved in the House of Representatives on Wednesday (November 29).
- “One which has not yet come to the House is the legal profession, and the reason is there is an appeal that the Bar Association has taken to the court. All the other persons dealing specifically with cash, where there could be some unusual transactions, just like the banks, they must bring it to the attention of the authorities,” he explained.
The Full Story
Real estate dealers, public accountants and casino and gaming machine operators are now required by law to report financial transactions that are linked to or suspected to be connected to terrorism.
This is being facilitated through Order Resolutions under the Terrorism Prevention Act, which were approved in the House of Representatives on Wednesday (November 29).
The Orders are the Terrorism Prevention (Designated Reporting Entity) Casino Operators Order Resolution; the Terrorism Prevention (Designated Reporting Entity) Real Estate Dealers Order Resolution; the Terrorism Prevention (Designated Reporting Eccountants Order Resolution; and the Terrorism Prevention (Designated Reporting Entity) Gaming Machine Operators Order Resolution. ntity) Public A
In his address, Minister of Justice, Hon. Delroy Chuck, said the listed bodies will have to report unusual transactions to the relevant authorities.
“One which has not yet come to the House is the legal profession, and the reason is there is an appeal that the Bar Association has taken to the court. All the other persons dealing specifically with cash, where there could be some unusual transactions, just like the banks, they must bring it to the attention of the authorities,” he explained.
For his part, Opposition Spokesperson on Finance and Planning, Mark Golding, said the Orders seek to ensure that certain subsectors of the economy that are internationally recognised as being particularly vulnerable to the possibilities of terrorism financing and money laundering are brought within an adequate framework of reporting and monitoring, so as to ensure that Jamaica is compliant with its international obligations.
“This is an instance where our international obligations and national interests are aligned, because it is very important that we ensure that terrorism and terrorists don’t find Jamaica fertile ground for raising money or storing money to further their nefarious activities. So, we support this initiative,” he said.