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Accountants and the Crime of Money Laundering Seminar

Mona School of Business and Management (MSBM) in conjunction with the Institute of Chartered Accountants of Jamaica (ICAJ) and the Public Accountancy Board (PAB) hosted a seminar on the recently amended Proceeds of Crime Act. The seminar, titled Accountants and the Crime of Money Laundering, was held on Saturday May 10, 2014.

The day’s proceedings were chaired by Mr. Michael Williams of MSBM. The president of the ICAJ, Mr. Dennis Chung brought greetings on behalf of the ICAJ. Mr. Garth Kiddoe also brought greetings on behalf of the president of the PAB, Mr. Eric Crawford. Mr. Kiddoe is a past president of the Institute of Chartered Accountants of Jamaica and the Institute of Chartered Accountants of the Caribbean

The speakers were Ms. Shirley-Ann Eaton, Attorney at Law and Lecturer at MSBM and Mr. Albert Stephens, Principal Director, Financial Investigation Division (FID), Ministry of Finance and Planning.

Ms. Eaton, who presented on Money Laundering and the Proceeds of Crime Act 2007 as well as Customer Due Diligence, stated that “skilled people such as accountants are doing the job of layering and placement of funds that are illegally obtained and must therefore be educated on the laws.”

Mr. Stephens who presented on the Role of the FID in the Reporting Procedure, in his presentation emphasized that “With the passage of the Proceeds of Crime (Amendment) Act in October 2013, Section 101(A) imposes a threshold of one million Jamaican dollars (or its equivalent in any other currency) on cash transactions for the purchase of any goods or services or for the payment or reduction of any indebtedness, accounts payable or other financial obligation unless the transaction is done with a permitted or exempted person.”

 

The seminar was attended by over 100 accountants, the majority of whom are registered with the ICAJ. 

 

Photo Caption: Former President and Director of the Institute of Chartered Accountants of the Caribbean (ICAC) Garth Kiddoe was on one the main presenters at the Accountants and the Crime of Money Laundering Seminar held at MSBM on May 10, 2014.

 

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