Finance Minister, Dr. Nigel Clarke says the Jamaican authorities is shifting to evaluation the monetary sector laws to use harsher penalties for breaches, following the multi-billion-dollar fraud on the funding agency, Shares and Securities Restricted (SSL).
He was talking on Monday throughout a coverage deal with on the monetary sector on the Ministry of Overseas Affairs and Overseas Commerce in downtown Kingston.
Clarke mentioned the evaluation will enhance the nation’s capacity to detect, examine, and prosecute monetary crimes within the banking, securities, insurance coverage, and pensions sectors, with amendments to the Securities Act, Banking Act, Insurance coverage Act, and the Pensions Act.
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“The discrepancy between sanctions for white-collar crime and different types of crime should be erased. When you rob depositors, otherwise you defraud traders and you set our monetary system and our lifestyle in danger, the Jamaican society needs you set away for a very long time; a protracted, lengthy, time,” he warned.
He additionally mentioned the federal government would require securities sellers to publish their monetary statements and materials occasions at requirements equal to public corporations on the Jamaica Inventory Trade.
The federal government can be shifting to tighten laws round linked occasion transactions for securities sellers and introduce a set penalty regime.
“Firms may be fined for AML (anti-money laundering), CFT (combatting the financing of terrorism), and different breaches. And in the event that they don’t pay, they go to courtroom,” mentioned Clarke.
The finance minister mentioned below the present regime, the authorities should take corporations by means of the courtroom process earlier than imposing fines.
Nigel Clarke additional mentioned that the federal government will strengthen insider buying and selling laws to make sure the penalties and sanctions regime are “extreme and dissuasive”.
He famous that the federal government can be working with worldwide companions within the design of the reforms and be suggested of extra reforms which may be obligatory.