Financial Crime World

JAMAICA’S FINANCIAL SECTOR ROCKED BY BRIBERY AND CORRUPTION SCANDALS: WHAT TO LOOK OUT FOR

The financial sector in Jamaica is facing a crisis of confidence due to widespread allegations of bribery and corruption. Insiders and officials have revealed a culture of secrecy, nepotism, and favouritism, compromising decision-making processes and financial reporting.

Compromised Decision-Making Processes

  • Decisions often benefit partners at the expense of the organization and its employees
  • Centralized power has been abused, with one person or department responsible for managing contracts, ordering goods, and processing invoices without proper oversight

Financial Ambiguities

  • Dubious invoices, large payments, and excessive entertainment expenses raise suspicions
  • Deficiencies in financial reporting have been identified, with funds going missing or being added without justification

Suspicious Procurements

  • Large orders placed without competitive tendering or legitimate grounds
  • Companies that consistently win contracts despite poor performance
  • Direct awards of contracts without proper vetting

Questionable Motives in Recruitment

  • Nepotism and favouritism in hiring practices
  • The “revolving doors” phenomenon, where ex-politicians are hired as a thank-you for promoting the sector’s interests

What to Do If You Suspect Misconduct or Corruption

  • Report your concerns to the authorities
  • Call 888-MOCA-TIP (888-662-2847) to report your concerns anonymously
  • Keep in mind that some actions may seem suspicious but have legitimate explanations, so it’s essential to investigate before jumping to conclusions

The Importance of Reporting Concerns

  • Keeping quiet about your suspicions can harm both the organization and the public interest
  • Coming forward with information about bribery and corruption is crucial for combating corruption and restoring transparency and accountability in Jamaica’s financial sector

Get Involved

The Jamaica Office of Corruption Prevention (OCP) is urging individuals to come forward with information about bribery and corruption. Together, we can combat corruption and restore transparency and accountability in Jamaica’s financial sector.

Call 888-MOCA-TIP (888-662-2847) to report your concerns anonymously. Let’s work together to build a more transparent and accountable financial sector in Jamaica.