The Financial Investigations Division, a division within the Ministry of Finance and the Public Service, was established on December 16, 2002. The Division has evolved over time and the objectives now focus on the need to deter the use of Jamaica’s economy for money laundering and other financial crimes thereby contributing to a stable financial sector and an investor-friendly environment.
A significant part of the mandate of the FID is to increase public awareness of financial crimes and to show the impact as well as the importance of their elimination from the society.
The passage of the Proceeds of Crime Act (POCA) 2007 has increased the responsibilities of the Division and has provided an increase in investigative and asset recovery powers as well as the establishment of compliance responsibilities for financial institutions and certain non-financial institutions. It also established the Asset Recovery Agency which is charged with the responsibility of seizing and forfeiting assets that are unlawfully obtained thereby removing the profit out of crime.
To be an effective financial intelligence and investigative organization that delivers quality products and services and contributes to financial and national security.
To contribute to the national security of Jamaica by providing quality financial investigations that support the Government of Jamaica’s strategic priorities.
- Ethics and Integrity – We embrace ethics and integrity with honesty and fairness through the actions and decisions of ourselves, our colleagues, our clients and service groups nationally and regionally.
- Professionalism – We apply the right balance of management and leadership to encourage and influence an innovative and committed workplace supported through training and development in maintaining a skilled and flexible workforce.
- Accountability – We are accountable and accept our responsibilities that extend to tasks, personnel and strategic outcomes that will promote understanding, team synergy and commitment to business and unit performance.
- Transparency – We are open with ourselves, clients and the community in our activities with the exception where there is an organizational or operational risk.
- Independence – We execute our responsibilities without bias and interference in accordance with our legislative obligations, policies, and procedures to ensure that our organizational and operational activities are undertaken credibly, without bias and unnecessary intervention.
- Empathy – We respect the rights of citizens as protected by the constitution of Jamaica and other laws and aim to treat with all citizens in a fair and humane manner.
- Collaboration – We foster an effective working partnership with the Division and Financial Institutions, the private sector, government and regional law enforcement agencies.
The main objectives of the Division are to:
- Investigate allegations of money laundering, financial crime and corruption in tandem with other national regional law enforcement agencies.
- Detect, deter and aid the prosecution of offences committed under the various acts dealing with financial crimes, thereby causing a reduction of the actual and expected profits that would evolve from such corrupt activities.
- Collaborate with international bodies in responding to transnational crimes under the Mutual Legal Assistance (Criminal Matters) Act.
The title ‘Financial Investigations Division’ is the nomenclature used in Jamaica as it is a Division of the Ministry of Finance. Similar entities regionally and internationally are known as a Financial Intelligence Unit FIU) and in some cases an Asset Recovery Agency (ARA). In legislative terms, the FID is referred to as the ARA.
Definition of a Financial Intelligence Unit
The Egmont Group has defined an FIU as “A central, national agency responsible for receiving, analyzing and disseminating to the competent authorities, disclosures of financial information concerning suspected proceeds of crime and potential financing of terrorism…in order to counter money laundering and terrorism financing.”
The FID consists of an Executive Office and five Units, each of which is headed by a Director:
- Executive Office – Read More
- Asset Management Unit – Read More
- Financial Intelligence Unit (FIU) – Read More
- Financial Investigations Team (FIT) – Read More
- Information Technology Unit (ITU) – Read More
- Legal Services Unit (LSU) – Read More
- Planning and Administrative Services Unit (P&ASU) – Read More