This article breaks down the offenses under the Proceeds of Crime Act (POCA) in a clear, structured way, detailing offenses, fines, prison time (if applicable), and the differences for individuals and companies and related legislation like the Terrorism Prevention Act. These are additional aspects of compliance that businesses and individuals must adhere to, organized into categories for a comprehensive understanding of both individual and corporate penalties under these laws:
Proceeds of Crime Act (POCA) – Key Obligations and Penalties:
Money Laundering Policies:
What: Businesses are required to implement policies to prevent money laundering.
Non-compliance: Fines up to JMD $400,000 for companies before a Resident Magistrate Court.
Identification Procedures:
What: Businesses must verify the identity of customers and maintain records of transactions.
Non-compliance:
Individuals: Fines up to JMD $1 million or 12 months imprisonment before a Resident Magistrate.
Companies: Fines up to JMD $3 mil…
