Money laundering a threat to our security

LBC NEWS
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Chief Technical Director, Financial Investigations, Security Policy, and Risk Management Affairs, Ministry of National Security, Rohan Richards, says money laundering is a clear and present danger to the country.

Mr. Richards, who was speaking at the Asset Recovery Inter-Agency Network of the Caribbean (ARIN-CARIB) Annual General Meeting at the Hilton Rose Hall Resort, St. James, on September 19, said money laundering represents an estimated 2.8 percent of Jamaica’s gross domestic product (GDP).

Money Laundering Is A Clear And Present Threat To Jamaica
Attendees from 25 member countries at the Asset Recovery Inter-Agency Network of the Caribbean (ARIN-CARIB) Annual General Meeting, at the Hilton Rose Hall Resort, St. James

He emphasized that the problem is such that Jamaica’s National Security Policy ranks “facilitators who launder the proceeds of crime” as a Tier One threat, which requires an active and immediate response.

“We all know that these funds, which are oftentimes proceeds from illicit activities such as trafficking in persons, trafficking in firearms, cybercrime and terrorism, enable the growth of organized criminal networks, which often operate with impunity and continuously erode the fabric of citizen security and good governance,” Mr. Richards said.

“It is true that when these funds are introduced into the legitimate financial system, they have the potential to compromise the integrity of the financial sector, to weaken the role of the financial sector in economic growth and increase the risk of macroeconomic instability,” he added.

Staff Reporter

news@lbcnewsjm.com

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