Jamaica has signalled its intention to sign the Caribbean Community (CARICOM) agreement on the Sharing of Recovered Assets,(SRA) which is intended to strengthen regional cooperation by establishing a framework for the return or sharing of illicitly acquired proceeds that have been confiscated.
Chief Technical Director (CTD) in the Ministry of National Security, Rohan Richards, said the agreement will also facilitate the provision of assistance to victims of money laundering and increased financing for regional security institutions.
He told the recent annual general meeting of the Asset Recovery Inter-Agency Network of the Caribbean (ARIN-CARIB) that Jamaica's signing of the regional agreement is expected to complement legislation that the government is pursuing to implement an asset recovery incentivisation scheme.
'This scheme will allow those agencies that work to combat money laundering to be able to utilise a portion of the funds recovered in order to improve their capacity and operational effectiveness,' he said.
The CTD said this is expected to go a far way in enabling agencies, such as the Financial Investigations Division (FID), 'to successfully pursue more criminals under the Proceeds of Crime Act'.
Richards also indicated that the government will be seeking to introduce legislation to address illegally acquired finances and assets.
He said this would target persons in possession of assets deemed disproportionate to their financial standing, who are unable to reasonably explain the source of such...