MOCA Chief Calls for Stronger Anti-Fraud Collaboration

Director General of the Major Organised Crime and Anti-Corruption Agency (MOCA), Colonel Desmond Edwards, is calling for greater collaboration among financial institutions, regulators, and law-enforcement agencies at both the local and regional levels to strengthen the resilience of financial systems and effectively combat fraud.

Speaking during the Jamaica Institute of Financial Services (JIFS) Anti-Fraud Seminar held at the Terra Nova All-Suite Hotel in St. Andrew on Thursday (July 9), Colonel Edwards stressed that such partnerships must be active, practical, timely, and transparent.

“We cannot build resilient financial institutions through speeches alone. We build them through decisions, investments, systems, reporting, cooperation and leadership. So my charge to you today is simple, treat fraud intelligence as a shared national asset,” he stated.

“Build institutions that can detect, respond, recover and adapt. Strengthen the bridges between financial institutions, regulators, and law enforcement. Remember the criminals are building networks… so those of us charged with protecting the financial system must build even stronger ones,” the Director General added.

Colonel Edwards further noted that MOCA remains committed to partnering with stakeholders across the financial sector, government, law enforcement, and regional organisations to strengthen the fight against financial crime.

“At MOCA, our role is to investigate serious organised crime and corruption, including complex financial crimes. We work with local, regional, and international partners to identify criminal networks, support investigations, pursue offenders, and protect the integrity of Jamaica’s institutions. But we cannot do so alone,” he said.

The Director General underscored the importance of early reporting, noting that by the time a matter reaches investigators, the quality of the institution’s initial response can significantly influence whether the case can be effectively traced, recovered, and ultimately prosecuted.

“Were the relevant records preserved? Were suspicious accounts identified quickly? Were internal logs secured? Were communications retained? Were transactions mapped? Were the victims encouraged to report promptly? Were related institutions alerted? Was law enforcement engaged early? These questions matter. We’re not asking financial institutions to do law-enforcement jobs but we are saying that your systems, your data, your alerts, and your early decisions often impact all or any law-enforcement outcomes,” he said.

Colonel Edwards noted that the financial fraud landscape has undergone a significant transformation in recent years, evolving from what was once viewed as a back-office compliance issue – largely managed by fraud units, internal auditors, and compliance departments – into a sophisticated form of organised crime.

“Fraud is now a cyber issue, a governance issue, a customer confidence issue, and increasingly, a national economic security issue. As I look around this room, I see the people who have been entrusted with the awesome responsibility of not only protecting institutions but also protecting the integrity of Jamaica’s entire financial system. You are not just protecting the trust of customers and clients for your various institutions but also the reputation of the country as a place to invest and transact business,” he said.

Senior Special Agent and Senior Digital Forensic Examiner at MOCA, Khiana Chutkhan, underscored the importance of building resilience in network and cybersecurity systems, as well as strengthening public awareness, as critical measures in the fight against fraud.

Ms. Chutkhan noted that, as of 2025, illicit financial activity worldwide had surpassed US$4.4 trillion.

She further pointed out that fraud and scam activities had increased by 19.3 per cent, while reports from professionals indicate AI-driven attacks had risen by 90 per cent.

Citing data from the Jamaica Constabulary Force Fraud Squad, Ms. Chutkhan said fraud-related losses within Jamaica’s deposit-taking sector amounted to approximately $2.4 billion as of 2025.

“While we have reported fewer attempts, we have reported bigger losses,” she stated.

JIFS Chairman, Dr. Dayton Robinson, emphasised that every employee has a role to play in safeguarding the trust placed in financial institutions, particularly as new and increasingly sophisticated threats continue to emerge.

He reaffirmed JIFS’ commitment to strengthening Jamaica’s financial services sector through education, professional development, and collaboration.

“As fraud continues to evolve, so too must our knowledge, capabilities and our partnerships. We can’t do it by ourselves,” he said.

The seminar brought together stakeholders from across Jamaica’s financial services sector, including representatives of regulatory agencies, law-enforcement bodies, and compliance and risk management professionals, to examine the growing threat posed by digital and technology-enabled fraud and explore strategies for strengthening institutional resilience.