Companies Office establishes anti-money laundering unit Loop Jamaica

Black Immigrant Daily News

The Companies Office of Jamaica (COJ) has established an Anti-Money Laundering and Counter-Terrorism and Proliferation of Arms Financing (AML&CTF) Department in keeping with its goal to meet international standards set by the Financial Action Task Force.

The establishment of the unit, which is charged with ensuring that information received regarding beneficial owners is accurate and current, also aligns with amendments to the Companies Act which proposes that the reporting of beneficial ownership information for each company become mandatory.

As part of its enforcement activities, the unit will also conduct field visits, inspect the Register of Members and any other relevant documentation of entities, impose pecuniary penalties, as well as, refer entities for litigation and removal. Only specified bodies, agencies and entities will have access to beneficial ownership information.

In a press release, the COJ said the new AML & CTF department, along with the amendments to the Companies Act, might clear the path for Jamaica to be taken off FATF’s grey list as well as the blacklist of the European Union.

Amendments to the Companies Act are expected to be tabled in both Houses of Parliament this calendar year will ensure greater transparency and improved corporate governance in companies as well as reduce the risk of legal persons such as companies being abused and used for money laundering and terrorism and proliferation of arms financing.

If the proposals are accepted by parliament, all companies including non-profits and overseas companies will have to identify and indicate the beneficial owners of companies; a beneficial owner is any natural person/s that exercise/s ultimate ownership and ultimate effective control of a company.

The new obligations include submitting detailed particulars of beneficial owners and identifying politically exposed persons who are members or officers of a company.

Companies may also face increased sanctions for not filing on time, not providing accurate information, not allowing the Registrar access to verify information, not keeping records for stipulated periods and not filing change documents for beneficial owners as mandated.

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