Over the period the FID was a key participant in Jamaica’s Mutual Evaluation conducted by the Caribbean Financial Action Task Force (CFATF), which assessed the state of Jamaica’s Anti Money Laundering and Countering the Financing of Terrorism Frameworks.
The FID has also worked hard to carry out the Division’s mandate of outreach to the public on the issue of financial crimes. During the year, the Division made presentations to the Jamaica Bankers Association, the Jamaica Co-Operative Credit Union League (JCCUL), the Institute of Chartered Accountants of Jamaica (ICAJ) and the Betting Gaming and Lotteries Commission (BGLC).
The National Risk Assessment will provide a roadmap for Jamaican AML/CFT reforms based on those areas that have the greatest risk concentration so that scarce resources may be prioritized and applied according to the areas posing the greatest risk.
During the fiscal year 2013-2014, the Financial Investigations Division has further asserted its position as a key player in the national effort to combat terrorist financing, money laundering and other financial crimes within our jurisdiction.
Our continuing drive towards divisional development has begun to bear fruit, as borne out in the significant strengthening of cooperation with our local and international partners. During the period the FID has signed memoranda of understanding with a number of key government agencies such as Tax Administration Jamaica, Jamaica Customs Agency and Jamaica Constabulary Force as well as with the Office of the Director of Public Prosecutions.
The international community has made the fight against money laundering and the financing of terrorism a clear priority, protecting the integrity and stability of the financial system, by making it more difficult for those engaged in crime to profit from their criminal activities.