Financial Crime World

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Financial Crime Prevention Strategies in Jamaica: A Growing Concern

A recent study has shed new light on the growing problem of financial crime in Jamaica, with the number of reported white-collar crimes increasing significantly over the past few years. Despite efforts by law enforcement agencies to combat these crimes, they continue to pose a significant challenge to the country.

Key Findings

  • According to a quantitative study published in the International Journal of Insights & Transformations in Law, Crime & Justice, there were 164 reported white-collar crimes in Jamaica between 2015 and 2019.
  • The number of arrests made for these crimes also increased over this period, with a clear-up rate of 77.1%.
  • The highest percentage of white-collar crimes were committed in January (11.5%) and May (11.5%), while the highest percentage of arrests made by police for these crimes was in June (11.2%).
  • The study found that younger people are more likely to be charged with certain types of white-collar crimes, such as using unauthorized data or dealing with military decoration.
  • Older individuals are more likely to be arrested for larceny by bailee and larceny by trick.
  • The average age of perpetrators of white-collar crimes in Jamaica decreased from 52.5 years in 2015 to 31.2 years in 2022, indicating a trend towards younger individuals becoming involved in these types of crimes.

Implications for Law Enforcement

  • Law enforcement agencies have increased their efforts to combat white-collar crime in recent years, resulting in higher arrest rates.
  • However, there is still a need for more effective strategies to prevent and deter these crimes.
  • Allocating more resources during months when a higher number of crimes are committed could be beneficial.
  • Implementing age-specific prevention and intervention strategies may also help reduce the occurrence of white-collar crime.

Conclusion

The results of this study provide valuable insights into the patterns and trends of white-collar crime in Jamaica, highlighting the importance of addressing this issue to ensure a safer and more secure future for its citizens. Effective prevention and intervention strategies are crucial to reducing the impact of financial crime on individuals and society as a whole.