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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

By: Douglas Mcintosh, October 29, 2021
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...
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

By: Shanna K. Salmon, October 29, 2021
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

By: Latonya Linton, October 29, 2021

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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

Unemployment Down

The Statistical Institute of Jamaica (STATIN) is reporting that the unemployment rate for July 2021 was 8.5 per cent. This is 4.1 percentage points lower than the 12.6 per cent...
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By: Douglas Mcintosh, October 21, 2021