Jamaica’s Money Laundering Act: Definitions and Offenses
The Money Laundering Act in Jamaica, which includes the Money Laundering Regulations, is designed to regulate and prevent money laundering activities within the country. In this article, we’ll outline the main definitions and offenses outlined in the Act.
Important Definitions (Section 2)
- Designated Authority: This refers to the Director of Public Prosecutions or any person designated by the Minister for this purpose.
- Financial Institution: Banks, building societies, insurance companies, and other entities providing financial services.
- Property: This term includes cash, real property, and intangible property (such as shares).
- Specified Offence: Any criminal offense listed in the schedule or committed outside Jamaica that would constitute such an offense if committed within the country.
- Transaction: A transaction involves the transfer of property.
Money Laundering Offenses (Section 3)
Money laundering is defined as engaging in a transaction involving property known to be derived from a specified offense, or acquiring, possessing, using, concealing, disguising, disposing of, or bringing into Jamaica such property. Persons found guilty of money laundering can face severe consequences, including fines and imprisonment.
Additionally, the Act covers conspiring to commit, aiding, abetting, or counseling money laundering offenses.
Reporting Obligations (Section 6)
Section 6 requires financial institutions to report certain cash transactions to the designated authority, either on their own initiative or in response to a request. Those making the required reports receive legal protection against prosecution and any liability for breach of confidentiality.
Penalties for Non-Compliance (Section 6)
If a financial institution fails to comply with the reporting obligations, they may be penalized with a fine. It’s important to note that this provision does not apply to specific entities such as government departments, embassies, consular offices, and companies with a significant government influence.
Specified Offenses (The Schedule)
The schedule of the Money Laundering Act lists various specified offenses, including:
- Drug-related crimes
- Firearms offenses
- Acts involving fraud, dishonesty, and corruption
Conclusion
By adhering to the regulations set forth in the Jamaican Money Laundering Act, financial institutions, as well as individuals, can help prevent money laundering activities within the country.