Regulatory Alerts2019-01-01
Proceeds of Crime (Amendment) Act 2019
The Parliament of Jamaica enacted the Proceeds of Crime (Amendment) Act 2019 to update the principal Act's definitions, expand the scope of regulated entities to include life insurance intermediaries, and mandate continuous risk assessments by competent authorities. The legislation introduces enhanced due diligence requirements for transactions involving customers in specified high-risk territories and increases financial penalties for non-compliance while establishing new provisions for fixed penalty notices. Additionally, the Act requires supervisory and designated authorities to maintain statistical records to measure the effectiveness of anti-money laundering measures and allows courts to consider business size and revenue when determining fines for corporate offenses.