Some local used car dealers and hardware store operators continue to facilitate cash transactions over the $1 million limit, which is against the law under the Proceeds of Crime Act (POCA.)
The revelation was made by Chief Technical Director of the Financial Investigation Division (FID), Selvin Hay on day one of the Jamaica Institute of Financial Services (JIFS) and Jamaica Bankers Association (JBA) Annual Anti-Money Laundering and Counter Financing Terrorism Conference at the Jamaica Pegasus hotel.
Recounting a case of a used car dealer who was approached by a ‘scammer’ who wanted to purchase a vehicle that was priced at over $2 Million, Hay told the gathering that the dealer facilitated the purchase by accounting for the sale “on different receipts.” The transaction was flagged and became the subject of an investigation by law enforcement.
The dealership was searched and the evidence in the form of the receipts for the illicit transactions bore testimony of the deed, Hay told the conference.
“So, it is still happening with used car dealers, it is still happening with hardware [store] operators,” Hay said even as he called local financial services operators to beef up their Know You Customer Protocols and for law enforcement to beef up their intelligence gathering regarding these issues.
“Law enforcement needs to do more in terms of intelligence gathering because a lot of intelligence is on the ground that we are not capturing [and] we all have a role to play in this fight against money laundering,” he said.