Jamaica Cracks Down on Financial Crimes with Successful Partnerships and Prosecutions
The Financial Investigations Division (FID), the sole law-enforcement agency in Jamaica’s Ministry of Finance and Public Service, has been successful in probing financial crimes through strong partnerships with local and international bodies.
Strong Partnerships Lead to Success
The FID works closely with agencies such as:
- Major Organised Crime and Anti-Corruption Agency (MOCA)
- Jamaica Constabulary Force (JCF)
- Jamaica Customs Agency (JCA)
- Regulatory entities like the Financial Services Commission, Integrity Commission, and Passport, Immigration and Citizenship Agency (PICA)
These partnerships have led to a high rate of success in pursuing evidence-based prosecutions of financial crimes in the courts.
Investigating Financial Crimes
The FID collaborates internally with the JCF’s Constabulary Financial Unit, comprised of officers from the Counter Terrorism and Organised Crime Investigation Branch, who work alongside forensic examiners to gather intelligence. The agency has seen a significant number of lottery scamming cases, which continue to be one of the most prevalent financial crimes in Jamaica.
Forms of Money Laundering
Many people are unaware that money laundering comes in various forms, including:
- Using bank accounts as conduits for illicit transactions
- “Money mules” using their bank accounts to support the entry of dirty money into the economy
Insider Threats through Bank Fraud
The FID also investigates insider threats through bank fraud, which has reaped successful results. Financial institutions have been targeted by insiders who abuse their positions for personal gain.
Not Just Outsiders Hacking In
“We’re not just talking about outsiders hacking in, but people using their power and privilege to commit crimes,” said Brand Communications Specialist Garth Williams.
Decline in Financial Crimes
Overall, the strong partnerships between the FID and other law-enforcement agencies have contributed to a significant decline in financial crimes in Jamaica. The agency’s success is a testament to its commitment to combating financial crimes and protecting the economy.