Featured Jamaica

Jamaican Banks Easing Account Opening Restrictions

Following amendments to the Proceeds of Crime Act (POCA) regulations in late 2019, several commercial banks have started to ease the account opening requirements. This change is especially for newly designated low-risk bank accounts which previously excluded thousands of people from joining the formal banking system due to the inability… Read More

EU, Caribbean Nations at Loggerheads Over Money Laundering Blacklist

By Anastasia Austin, InSight Crime, 18 May 2020 InSight Crime — The European Union’s latest money laundering blacklist included four Caribbean nations that have been deemed to be high-risk countries. The list was met by cries of unfairness from officials, but why were these countries added in the first place… Read More

EU to beef up scrutiny of money-laundering risks, adds Panama to blacklist

The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show. One document, expected to be published on Thursday, adds Panama and other countries… Read More
16th October 2018
AP — A Jamaican man who authorities said masterminded a lottery scam that defrauded at least 95 Americans out of more than $5.8 million was sentenced Monday to six years in federal prison. Lavrick Willocks, 29, operated the scam out of a Jamaica mansion where he… Read More
27th November 2017
KYC360 News Jamaica’s banking sector is stable however its ‘poor regulatory oversight’ is negatively affecting the banking industry risk, according to a report by Standard and Poors (S&P). In its Banking Industry Country Risk Assessment, the ratings agency classified Jamaica’s banking sector within group ‘9’ – alongside countries such as… Read More
18th October 2017
Digital ledger, or blockchain technology, is set to change the way both private companies and governments do business, says Mat McGuire, a financial crime risk management expert from Canada. The technology has substantial utility as a solution to money laundering and tax evasion, notwithstanding growing concerns about its use in… Read More
15th February 2017
In another place, the action of Sheridan Williams, the chairman of the Hanover Municipal Council and mayor of the parish’s capital, Lucea, might have gone unnoticed. It is what you would expect in the formulation and execution of policy. But given our circumstances, including the recent history of the Hanover… Read More
5th January 2017
Older Americans are being clobbered by prize and sweepstakes schemes, with the majority of this sweepstakes fraud coming from Jamaica. These are mainly telemarketing schemes. Read More
11th October 2016
Prime Minister Andrew Holness has called on the financial sector to ensure a regulatory environment that removes profitability from criminal activities. “We must take the profit out of crime. Criminals must have no access to the financial system; and where they operate in the informal economy and the backwaters of… Read More