User Rating: 0 / 5

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

THE Financial Investigations Division (FID) is reporting significant gains in its operations for last year when compared with 2010.

THE FID said it restrained 38 vehicles valued at $90 million last year, five more than the 33 restrained in 2010 which were valued at $85 million.

The division also restrained 43 properties including houses and lands valued at $850 million last year. In 2010, 10 properties valued at approximately $150 million.

Furniture and fittings – valued at approximately $3.5 million — along with bank accounts and monetary instruments valued at just over $30 million were also restrained last year.

The division also handed over US$458,000, J$4,131,000 and £6,500 (Cash seized by the police and Jamaica Customs officials), to the Government since January last year while US$125,974 and J$867,671 was handed over last year.

Eleven persons were charged with money laundering last year. Two were convicted.

The FID is a department in the Ministry of Finance mandated to investigate money laundering and terrorism financing related cases.

The division's staff is made up of lawyers, forensic accountants, financial analysts, financial profilers, officers of the Jamaica Constabulary Force and other support staff.

In carrying out its functions, the FID collaborates with local and international partners including the Jamaica Constabulary Force, Jamaica Customs Department and the Revenue Protection Division.

The passage of the Proceeds of Crime Act (POCA), 2007 and the Financial Investigations Division Act, 2010 along with other legislation and regulations consolidated the ability of the division to pursue the proceeds of crime.

Source ...

Leave your comments

Post comment as a guest

0
terms and condition.

People in this conversation