FID: Ja Identified As High-risk For Money Laundering

Financial Investigations Divisions (FID) says criminals are washing their monies in the car dealership

Car dealerships, real estate, remittances awash with money laundering – The Financial Investigations Divisions (FID) says criminals are washing their monies in the car dealership, real estate, and remittance sectors. Jamaica has been identified as being high risk for money laundering in the Caribbean and branded as being soft in addressing the issue. The FID says the proceeds of crime show the three sectors are most vulnerable to the illicit practice.

Chief Technical Director of the FID, Selvin Hay says they’re working to complete a national risk assessment to identify weaknesses in the country’s ability to effectively address money laundering. The FID says of the 180 active criminal cases it’s investigating, majority of them include money laundering.

The FID says of the 180 active criminal cases it’s investigating, majority of them include money laundering.

Dickson says the value of assets recovered and forfeited this year tells the tale of the level of criminality involved in the practice.

Come 2025 the global anti-money laundering is projected to be at least 4 billion dollars.

CVM TV’s Jamailia Maitland has this report