Jamaica Reviewing Partnership Act

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Reported By Eliahna McFarlane

Edited By Felicia J. Persaud

News Americas, FORT LAUDERDALE, FL, Fri. July 12, 2024: A review of The Partnership (General) Act, 2017 and the Partnership (Limited) Act 2017 of Jamaica is being conducted to ensure that the provisions of the Acts sufficiently incorporate recent  Financial Action Task Force, (FATF), Recommendations.

That’s the word from Janeika Allen, Crown Counsel (Actg), in the Jamaica Ministry of Industry, Investment and Commerce. Allen said Jamaica is obligated to meet the recommendations set out by the FATF, the  “independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.”

But she did not give a deadline as to when the review will be completed. Her response to News Americas came just days after Jamaica was taken off the FATF ‘grey list.’

On June 28, 2024, the FATF,  at its Plenary held in Singapore, removed Jamaica from the ‘grey list,’ or the list of countries identified as having strategic deficiencies in their Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) frameworks.

The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. They are recognized as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard and the FATF calls upon all countries to effectively implement these measures in their national systems.

In a 2015 evaluation, Jamaica was compliant or largely compliant with only 17 of the 40 FATF Recommendations. The resulting action plan required it to include all financial institutions and designated non-financial businesses and professions (DNFBPs) in its AML regime, with adequate risk-based supervision in all sectors. It was also told to take appropriate measures to prevent legal persons and arrangements from being misused for criminal purposes, by making accurate and up-to-date basic and beneficial ownership information available when needed. Other required actions included taking proper measures to increase AML investigations and prosecutions; implementing targeted financial sanctions for terrorist financing without delay; and preventing the misuse of its non-profit sector for terrorist financing purposes. It narrowly missed the June 2023 deadline for fulfilling all these points, but by January 2024 was assessed as having made further significant progress, especially on DNFBPs and beneficial ownership. At that stage, Jamaica was re-rated compliant or largely compliant on 37 of the 40 FATF recommendations.

Following the June 28th decision, The Bank of Jamaica, said in a statement: “The development will enhance confidence among investors and trading partners thereby improving Jamaica’s economic potential.”

This also means that financial transactions between persons in Jamaica and those overseas, inclusive of remittance transfers, could now become more seamless over time,” the Bank added.

The Partnership (General) Act of 2017 allowed for the formation of three different types of partnerships: General Partnership without separate legal personality, General Partnership with separate legal personality, and Limited Liability Partnership.

Prior to the General Act, the Companies Act of 2004 placed a requirement that investors with more than 20 partners operating in Jamaica would need to form a company. Thirteen years later, the requirement was finally repealed under Section 112 of The Partnership (General) Act.

It is left to be seen whether the laws will be further amended by the Jamaica parliament this year.

EDITOR’S NOTE: Eliahna McFarlane is a Garvey-Nkurmah 2024 Fellow and summer extern at ICN/Invest Caribbean as well as a second-year law student at Howard University.

Dream WKND NYC 2024 Recap and Interview with Chairman of Dream Entertainment: A Celebration of Caribbean Culture & Community In The Big Apple Hosted By Spice

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New York, NY – July 11th, 2024 – Dream WKND NYC 2024-the annual Caribbean’s Largest music festival wrapped up its second staging in the vibrant city of New York, leaving an indelible mark on the city’s Caribbean cultural and musical landscape. Held on June 29-30, this year’s festival was a resounding success, drawing thousands of ‘Dreamers’ from across the tri-state area delivering two unforgettable nights of music, dance, and cultural celebration.

Night One: ‘World Dance Best Of The 90s’ at Club Musica Manhattan

The festival at Club Musica on Saturday, June 29, kicked off with an explosive start despite the inclement weather. Hosted by Jamaican dancehall queen Spice, the ‘World Dance Best of the 90s’ evening was filled with entertainment, including Spice handing out cowboy hats to fans participating in the “Round n Round” challenge, and meet & greets. DJs Kevin Crown, Massive B, and Platinum Kids kept the energy high with a mix of dancehall, soca, hip-hop, alternative, and afrobeats hits.

Night Two: Daydreams All-White Event

The celebration continued on Sunday, June 30 at DAYDREAMS all white summer soiree held at the beautiful outdoor venue, Industry city- Brooklyn, making it the climax of the weekend. Dreamers were dressed to impress, all while enjoying an elegant yet energetic, party atmosphere. The venue was transformed into a sea of white, with dazzling décor, good Jamaican bites, seamless bottle service and a stellar lineup of DJs such as: DJ Fade The Future from Hot97, who recently came from Vogue world paris, Popular Caribbean DJ- Noah Powa and Massive B, who kept the dance floor bumping. The mix of Caribbean beat and the Brooklyn backdrop created a unique and memorable experience for all patrons.

Cultural Exchange

Beyond the music and festivities, Dream WKND NYC 2024 had a significant turn out from the city providing a platform for cultural exchange, bringing Caribbean heritage and community to the forefront highlighting the vibrancy and cultural diversity of New York City, reinforcing its reputation as a global cultural hub.

Dare to continue the Dream? Head down to where it all began; Dream WKND’s 15th year anniversary celebration weekend in Negril, Jamaica from August 2nd-6th 2024.

About Dream Weekend: Dream Weekend is Jamaica’s premier music festival, known for its high-energy events and unforgettable experiences. Founded in Negril, Jamaica, Dream Weekend has grown into an international phenomenon and touring festival, attracting music lovers from around the world.

** Tempo got the chance to check in with the Dream Team, and Chairman of Dream Entertainment, Kamal Bankay.
Check out the interview below!

– What was the initial “Dream” behind Dream WKND? The inspiration for its start.
The birth of Dream Wknd dates back to 2009, when Matthew Samuda and PJ Wright, now both board directors of Dream Entertainment Ltd., produced competing events – Xtreme Wet and Wild on ATI and DayDreams on RTI – happening simultaneously. Through their discussions, they realized that their philosophy and future outlook for the entertainment industry were remarkably similar. Recognizing the potential synergy, Samuda and Wright sought to bring these events together, which now serve as the twin anchors for Dream Wknd Negril – with a shared
vision to “redefine Jamaica’s entertainment industry, honing its global appeal as the premiere entertainment destination of the Caribbean”.

“Our very first meeting consisted of myself, PJ, and Solomon Sharpe. There were others who were invited and chose not to join”. Notwithstanding, the group quickly expanded with all of the current directors being invited to join forces. “The synergies and creative energies were great from the beginning, so it made for a seamless integration”, stated Matthew Samuda, Dream Wknd’s Conceptualizer.

As Dream celebrates its 15th Anniversary weekend in August 2024, it has undoubtedly become the premier entertainment tourism festival on the island and in the Caribbean at large. Its Directors have managed to revolutionize partying in Jamaica attracting 35,000+ global dreamers
annually, with a plethora of innovative event brands that all contribute to the fulfillment of their initial goal.

– What is the best way to experience Dream WKND in Jamaica? Any special vendors or performances we must check out?
The best way to experience Dream WKND is to be there! From August 2-6th 2024 with 8 events over 5 days, the weekend promises to be a treat for all. At each staging of the Negril weekend, the events are all themed and tend to vary slightly as the Dream team strives to keep the
weekend fresh and exciting. This year Dreamers can look forward to some of their favorites; Wet and Wild (swimwear), Daydreams (all white), Yush (90s -2000s), World Vibes (all black), Celebrity Playground (red and white), and Igloo (sports wear), but for the first time get to
experience Carnival at Dream with Xodus Remedy (carnival wear).

The premium food & drink weekend will feature special performances at every event, from the prince of Dancehall- 450 and International sensation- Jada Kingdom, to Tommy Lee, Teejay and Aidonia.

– How has the brand garnered global recognition? Has it managed to extend Jamaican culture to enthusiasts across the globe?
Dream Wknd has grown exponentially, becoming a household name in Jamaica over its 15 years of existence. It has boosted Jamaica’s tourism by attracting patrons from across the globe to Negril, resulting in a JMD4.5 Billion economic impact annually. Dream Wknd has created a demand so compelling that many patrons’ first visit to Jamaica is specifically for this festival.

If you’re unable to attend the main event in Negril, be on the lookout for Dream WKND pop-up events and destination weekends hosted at locations around the world. This touring initiative allows “Dreamers” who haven’t yet had the opportunity to visit Negril to experience a taste of Jamaica’s vibrant culture and energy. By bringing the Dream WKND experience to different global destinations, the Dream team has successfully fostered a sense of community, enabling Dreamers to come together and celebrate their shared Caribbean heritage at these events.

– This is Dream Wknd’s second staging in NYC. Why NYC? Was there a strategy to bring the event to New York?
The vibrant Caribbean diaspora community in the tri-state area has long been a steadfast supporter of Dream Wknd’s flagship event in Jamaica. Recalling the fond memories and cultural connections shared by this close-knit group, it seemed only natural for Dream to establish a presence here in the big apple. The organizers recognized the deep-rooted ties and nostalgic sentiments this population holds towards their Caribbean heritage, making New York City an ideal location to bring the Dream WKND experience closer to home. By catering to the needs and interests of this thriving diaspora market, Dream can continue to strengthen its brand and foster a sense of community among those who cherish their roots in the region.

– What does the future hold for Dream Weekend?
Building upon the success of its pop-up events in London and New York earlier in 2024, Dream WKND is poised to expand its global footprint further. As the year draws to a close, the brand will return to the United Kingdom with back-to-back pop-up activations in Manchester and
London, setting the stage for its flagship Negril Weekend. Additionally, Dream Wknd will venture north to Toronto, Canada in September, catering to its loyal following in the region. Looking ahead to 2025 and beyond, the Dream team has identified new markets ripe for
exploration. Southern Europe and the UAE have been earmarked as strategic targets, as Dream WKND aims to bring its unique brand of entertainment and cultural celebration to an even wider international audience. This deliberate expansion reflects the brand’s ambition to solidify its position as a premier entertainment destination, resonating with dreamers across the globe.

Tickets are now on sale at www.dreamwknd.com, for the August 2-6, 2024 staging. VIP season band passes at $399 are 89% sold out, so Dreamers are encouraged to take advantage of the available discounts.

Countdown On To Buju Banton’s First US Performance

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News Americas, NEW YORK, NY, Thurs. July 11th, 2024: The excitement is palpable as the countdown begins to the first US performance of Grammy winning Jamaican-born, reggae singer Buju Banton in the USA this weekend.

‘The Gargamel’ Buju Banton is set to perform in the U.S. for the first time in over a decade this July 13th and 14th at the UBS Arena in Elmont, New York. (X/Gargamel Music image)

The last time Banton performed in the US was January 2011 in Miami. The singer, who was released from a US prison in 2018, will thrill fans with his first “Long Walk To Freedom” US concert on Saturday, July 13th and 14th at the UBS Arena in Elmont, New York.

‘The Gargamel’ is set to take the stage with his Shiloh Band, just two days before his 51st birthday on July 15th.

“I give thanks for life each day, but on this weekend, there is a special thanksgiving and I look forward to celebrating with all of my family, friends, and everyone who has prayed and supported me over the years,” said the Grammy Award winner in a statement.

Due to “popular demand,” a second date was added to the “Long Walk To Freedom New York” concert at the UBS Arena in Queens, New York.

“With the first show selling out in record time, the addition of the second show ensures that more fans and music lovers will have the opportunity to witness the legendary artist’s comeback,” a release to DancehallMag stated. “Long Walk To Freedom – N.Y. exemplifies Banton’s resilience and serves as a beacon of hope for fans around the world.”

Joseph Budafuco, Buju Banton’s manager, reflected on the journey since his last U.S. show in Miami in January 2011. “It’s a true honour to witness the return of a legend, as history unfolds before our eyes once again,” Budafuco expressed.

He added, “We look forward to presenting an exceptional concert in partnership with AG Consulting and Dahved Levy, whose experience in the market is profound.”