Jamaica’s Financial Investigations Division (FID) Sees Surge in Money Laundering Cases
Record Increase in Money Laundering Charges
The Jamaican Financial Investigations Division (FID) reported a staggering 62% increase in the number of individuals charged with money laundering offenses between 2020 and November 30, 2022 1. This surge in cases showcases an uptick in financial crimes within the country.
Intensifying Global Focus on Combating Money Laundering and Terrorism Financing
The FID’s surge in cases coincides with the global focus on combating money laundering and terrorism financing 1. This intensification reflects the division’s commitment to deterring illegal financial activities within its borders and upholding the integrity of the Jamaican financial sector.
Common Forms of Money Laundering
Alleged money laundering offenses involve various methods to conceal, disguise, or transfer ill-gotten proceeds. Some common forms of money laundering include:
- Bulk cash smuggling
- Trade-based laundering
- Property purchases
additional Resources for the FID
To effectively tackle money laundering activities, additional resources have been allocated to the FID 1. These resources include:
- Hiring additional staff
- Acquiring advanced technology
These enhancements aim to improve detection and analysis capabilities.
Jamaican Government’s Commitment
The Jamaican government has pledged to strengthen its regulatory framework and cooperate with international partners in the fight against financial crimes 1. This commitment includes:
- Ratifying several key international agreements
- Providing training and resources to local law enforcement and financial institutions
Continued Efforts to Combat Financial Crimes
The surge in money laundering cases underscores the need for continued efforts to address the issue 1. The FID aims to create a more effective and robust system to combat financial crimes by:
- Increasing awareness
- Investing in technology and resources
- Fostering international cooperation
Message to Offenders
The FID’s unrelenting pursuit of offenders sends a clear message that Jamaica is committed to combating money laundering and terrorism financing, no matter the scale or complexity of the cases 1.