Finance Minister Nigel Clarke says the government will table legislation in Parliament to ensure Jamaica continues to meet international standards regarding anti-money laundering and counter-financing of terrorism.
Clarke indicated that legislation to be tabled by the end of this calendar year includes amendments to The Proceeds of Crime Act (POCA) and regulations to provide for simplified, risk-based, due diligence measures for dealing with high risk countries.
“We know that one of the major complaints we get among the unbanked is that the procedures that one has to fulfil to open, operate and maintain a bank account pose a high burden and a high barrier to entry to many people. With the revised POCA, that we expect to table in Parliament, that will take a risk-based approach to due diligence and to Know-Your-Customer regulations so persons who are low risk should find it easier to open, operate and maintain bank accounts,” he said.
Clarke was speaking at the 8th Annual Anti-Money Laundering /Counter-Financing of Terrorism Conference hosted by the Jamaica Banker’s Association and the Jamaica Institute of Financial Services.