The Proceeds of Crime Act (POCA) outlines offenses related to money laundering and associated crimes, detailing fines, prison sentences, and differences between penalties for individuals and corporations. It also includes related legislation such as the Terrorism Prevention Act. Compliance with these laws is essential for both businesses and individuals, with penalties organized as follows:
Money Laundering Policies:
Requirement: Businesses must implement policies to prevent money laundering.
Non-Compliance Penalty:
Companies: Fine up to JMD $400,000 before a Resident Magistrate Court.
Identification Procedures:
Requirement: Businesses must verify customer identities and maintain records of transactions.
Non-Compliance Penalty:
Individuals: Fine up to JMD $1 million or 12 months imprisonment (Resident Magistrate Court).
Companies: Fine up to JMD $3 million.
Note: Numbered, anonymous, or fictitious accounts are prohibited.
Suspicious Transactions:
Requirement: Report suspicious transactions throug…
