One nillion Jamaica dollars is not a lot of money in sterling or even US dollars..... Do due diligence, Bunting warns realtors5:17 pm, Thu September 25, 2014 National Security Minister Peter Bunting, has urged realtors to ensure that they do due diligence, when engaging in transactions with clients, as part of efforts to stamp out illegal activities, including money laundering and narcotics trafficking. The Minister, speaking at the Realtors Association of Jamaica’s Annual General Meeting, at New Kingston Conference Centre, on Thursday, said while some realtors may consider doing due diligence on potential clients an unnecessary burden, asserted that if our financial institutions are to be integrated into the international financial system we have to be compliant as a country…” He also pointed out that professionals, including lawyers, accountants, bankers and realtors, who facilitate money laundering, could be liable for prosecution, under the Proceeds of Crime (amended) Act (2013), which prohibits cash transactions in excess of One Million Jamaican Dollars (section 101 A), or, to splinter payments in smaller portions. Noting that “criminals are not in the business of crime; but in the business of making money,” Mr. Bunting said the current National Security Policy highlights the removal of profit from crime as one of its key priority areas. He said the newly formed Major Organised Crime and Anti-Corruption Agency is targeting not only criminals, but also the facilitators of their activities, noting that since recently, several professionals, including a real estate developer and lawyer have been charged in this regard. “Organised crime, cannot succeed without professionals; facilitators, laundering the money and sealing their assets... and this burden which is being put on you is to make it more difficult for organised crime to do that, without being detected, he stressed. Furthermore, he said, if you have compliance across the sector, it does not give any competitive advantage to anyone. The Minister also highlighted the fact that Parliament had passed the Ministerial Order, to create an oversight regime for designated non-financial businesses and professions (such as lawyers, accountants, realtors), which creates a competent authority in each case, to be the supervisory body over the particular group. This, he said, imposes the responsibility on the body to report suspicious transactions, such as money laundering.
Posted on: Fri, 26 Sep 2014 21:29:50 +0000
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