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Jamaica Government Vows To Tighten Real Estate Act

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The volume of violent crimes that have arrested the attention of Jamaica’s government and wider civilian populace, will not allow criminals of the white collar persuasion to go unnoticed. As this report goes:

REAL estate developers could soon find themselves subject to new measures to counter money laundering loopholes.

Leader of Government Business in the Senate Senator Kamina Johnson Smith said that, although she was unable to provide details, she was aware that the Real Estate (Dealers and Developers) Act was up for reform in order to close the gaps which developers could use to launder money.

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β€œIt is indeed important that Jamaica continue to close any gaps that may appear and, certainly, where they exist in respect of real estate developers, as I do recall hearing recently that some [people] were being brought in because of some investigations,” she told Leader of Opposition Business Peter Bunting, who had raised the need for more focus on current loopholes in the Real Estate Act.

β€œI do know, though, that the laws in respect of dealers and developers are up for reform, and that the matter of closing the gaps which are listed is on the agenda. So that was a very important point which you have raised,” she responded to Bunting.

Senator Johnson Smith, who is also minister of foreign affairs and foreign trade, was piloting the Terrorism Prevention (Designated Reporting Entity) (Trust and Corporate Services Providers) Resolution, 2022, the latest order issued by the Government.

She described the passage of the resolution in the Senate on Friday as an effort to strengthen the country’s financial and non-financial systems against supporting money laundering, and the financing of terrorist activities.

Bunting wants action against money laundering in real estate activities  Jamaica Observer


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