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occurs when a person tries to change the identity of illegally obtained money with the intention of making it appear to be from a legitimate source.
The Proceeds of Crime (Money Laundering Prevention) Regulations 2007 requires a financial institution to make a report to the Designated Authority in relation to any transaction involving the prescribed amount; as listed below:
Money Transfer and Remittance Agent/Agency
- (US$5,000) five thousand US dollars or more or its equivalent in any other currency
Cambios and Bureaux De Change
- (US$8,000) eight thousand US dollars or more or its equivalent in any other currency
Any other Financial Institution
- (US$15,000) fifteen thousand US dollars or more or its equivalent in any other currency
A person may be found guilty of a Money Laundering offence under POCA, if they become involved in activities such as concealing and dealing with criminal property or the acquisition, use and possession of criminal property among other things.
In keeping with requirements of the Regulations, the Credit Union shall have the following procedures in place in order to form a business relationship or carry on a one off transaction with our members: Identification and maintenance of customer information, transaction verification, transaction monitoring, record keeping, internal reporting and account opening.
The Jamaica Defence Force Co-operative Credit Union Limited remains committed to upholding the Regulations and will take decisive steps to implement anti-money laundering measures. |
