POCA to be Further Amended

The Government is looking to further amend the Proceeds of Crime Act (POCA) as part of the legislative framework dealing with money laundering and other financial crimes. 

Deputy Prime Minister and Minister of National Security, Hon. Dr. Horace Chang, gave details while addressing the Financial Investigations Division (FID) conference at The Jamaica Pegasus hotel in New Kingston, on February  2. 

“We are looking to further amend the POCA to allow for wider application of Unexplained Wealth Orders, as part of the legislative framework dealing with money laundering and other financial crimes,” he said. 

He noted that these Orders will ensure that competent authorities will be able to apply to require an individual to explain and account for the origins of their assets.  

“This, of course, has to overcome a small hurdle, maybe not so small in some areas, as a concept…  the reverse burden of proof was…written out of our Constitution,” he explained. 

He said another measure that is being examined is the broadening of the businesses and professions that are covered under the Non-Financial Institution designation.  

Some of these include real estate developers, car dealers, hardware dealers, and microcredit businesses. 

“Notwithstanding, I believe that the POCA, as a tool, is underutilised and, therefore, I would concur with the view that money laundering needs to be, as a matter of course, considered in the investigation of a wider range of offences, such as fraud, praedial larceny, extortion, counterfeit goods and human trafficking,” the Minister said. 

Meanwhile, he noted that the Government is eagerly awaiting the outcome of the UK Privy Council’s judgement in relation to the 2013 amendment to the POCA regarding attorneys reporting suspicious transactions by their clients. 

Dr. Chang said the measures, when they become effective, will help to close some crucial gaps and deficiencies that exist within the system. He noted that Jamaica is a highly cash-dependent economy. 

In the meantime, he said that over the past four years, the Government has taken a number of measures to strengthen the country’s Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) framework.  

“The latest such measure was taken in January of last year when I presented an Order in the House of Representatives for the designation of Trust and Corporate Services Providers as Designated Non-Financial Institutions,” Dr. Chang said. 

He noted that this designation has brought Jamaica near to full compliance with international obligations and practices. “It has also sent a clear signal of Jamaica’s stance against money laundering and all forms of financial crimes,” he added. 

The Minister explained that the designation of Trust and Corporate Services Providers (TCSP) applies to any person or entity providing a trust service or a corporate service.  

It allows these entities to fall within the regulated sector as provided by the Proceeds of Crime Act.  

“Without equivocation, the designation of Trust and Corporate Services Providers as Designated Non-Financial Institutions has strengthened Jamaica’s AML/CFT regime,” Dr. Chang said. 

He pointed out that these measures, so far, have significantly supported the efforts of law enforcement and other stakeholders to stem money laundering.