Financial sector urged to be watchful of new ganja industry

News post October 13, 2015

Minister of Foreign Affairs and Foreign Trade, Senator AJ Nicholson (file photo)

KINGSTON, Jamaica (JIS) – The Government is calling on the financial sector to be watchful in ensuring that only clean money enters or passes through their systems from the new ganja industry.

Minister of Foreign Affairs and Foreign Trade, Senator AJ Nicholson, who made the call yesterday, said the opening of opportunities in the industry also involved risks.

He was addressing the Jamaica Bankers’ Association/Jamaica Institute of Financial Services 4th Annual Anti-Money Laundering/Counter Financing of Terrorism Conference, at the Jamaica Pegasus Hotel, in New Kingston.

The minister told the gathering that with the relaxation of the rules involving the use, possession and trade in medical cannabis related products, financial institutions “must adapt their rules and procedures to be consistent with the amendments to the Dangerous Drugs Act.”

“In so doing, they must continue to be vigilant to ensure that funds which pass through their institutions are acquired only through the regulated trade in cannabis and cannabis related products, which are legal,” he added.

Under the amended Dangerous Drugs Act, which came into effect earlier this year, provision is made for a Cannabis Licensing Authority for the purpose of enabling a lawful, regulated industry in ganja for medical, therapeutic or scientific purposes, and in hemp, to be established in Jamaica.

The Cannabis Licensing Authority is responsible for issuing licences, permits and authorisations for the handling of hemp and ganja, and for monitoring and regulating persons who have been issued licences, permits and authorisations. It is specifically mandated to ensure that regulations do not contravene Jamaica’s international obligations.

While citing several legislative measures that Jamaica has put in place to combat money laundering, Minister Nicholson said the issue is complex, and the collaborative effort of civil society, the private sector and Government “must continue to develop effective systems to respond to the challenge.”

Emphasising that the Government is keen on ensuring that Jamaica remains compliant in its international obligation to fight money laundering, the Minister said the “status is necessary to avert any negative consequence that stakeholders in the banking and financial sectors might face as a result of Jamaica being deemed non-compliant.”

The two-day conference is looking at the decriminalisation of marijuana and its impact on the Jamaican financial sector, terrorism financing issues, the cost of corruption, legislation dealing with money laundering, and other topics related to the financial sector.

 

Published by: The Observer

No Tags

199 total views, 1 today

  

Leave a Reply

  • Penalise politicians who provide service on a partisan basis ­ — Meadows

    by on January 26, 2016 - 0 Comments

    JLP caretaker calls for action as Trelawny residents take to the street Placard-bearing residents gather at a section of the Salt Marsh to Goodwill main road yesterday to protest against the poor road conditions in the area.  SALT MARSH, Trelawny — Jamaica Labour Party (JLP) caretaker for Trelawny Northern Dennis Meadows yesterday called for laws […]

  • Will Cameron Speak On Reparation?

    by on September 29, 2015 - 0 Comments

    In pic: Prime Minister David Cameron. Olivia Grange said she believes Cameron would consider it unusual to be visiting Jamaica at this time in history and have extensive discussions with top government officials and not have the subject of reparation raised at some point. The Jamaica Labour Party (JLP) is questioning whether the Government will […]

  • Constable Crystal Thomas

    by on July 16, 2015 - 0 Comments

    She fought to the end | Lead Stories | Jamaica Gleaner Woman Constable Crystal Thomas Norman Grindley Senior Superintendent of Police Cornwall ‘Bigga’ Ford (right) escorts National Security Minister Peter Bunting, who visited the Denham Town Police Station in west Kingston, to get an update after the murder of woman Constable Crystal Thomas, who was […]

  • http://www.insightjamaica.com/

    by on July 4, 2015 - 0 Comments

    You can post your add here for free.

  • Singjay J Capri dies

    by on December 4, 2015 - 1 Comments

    KINGSTON, Jamaica — Sources have confirmed that singjay J Capri, who was hospitalised for more than a week following a motor vehicle crash, has died. The entertainer reportedly succumbed to her injuries this morning at the University Hospital of the West Indies in St Andrew. Read: J Capri hospitalised after car crash Social media users on […]

Follow Us on Facebook