Top-level executives at Sun Investments Limited who were recently charged with breaches of the Bank of Jamaica Act will appear in the St. James Parish Court on Wednesday, May 19, 2021 to answer to those charges.
Chairman Vernal Campbell, Director Earl Swaby and Manager Clifton Williams were charged over the period May 6 – 13 with breaches of Section 22A (ii and iii) of the Bank of Jamaica Act – buying, selling, borrowing and lending foreign currency without being an authorized dealer.
The charges were laid after the Financial Investigation Division (FID) and Constabulary Financial Unit (CFU) commenced an investigation into their activities. A case file was prepared and submitted to the Office of the Director of Public Prosecution which ruled that the men and the company should be charged.
FID’s Principal Director Keith Darien commented, “Illegal cambios provide an avenue for criminals to convert ill-gotten funds without any of the due diligence which licensed cambios are required to administer before conducting business with individuals. The prevalence of illegal cambios facilitates the entry of ‘dirty money’ into our economy undetected by regulators and law enforcement. This allows criminals to enjoy the spoils of their illicit activities.”
He added, “Simply put, this is dangerous and is in direct violation of our Anti-Money Laundering/Combating the Financing of Terrorism regime. We will not allow to the activities of a few to ruin the good work that the FID, the Bank of Jamaica and other partners have been doing to remove Jamaica from the global Financial Action Task Force grey list.
Once we become aware of this illegal practice, the perpetrators will be prosecuted. The FID is reminding persons that it is illegal for anyone to trade foreign currency without the requisite license from the Bank of Jamaica.”