Pride News Canada's Leader In African Canadian & Caribbean News, Views & Lifestyle
KINGSTON, Jamaica CMC – The Jamaica government is urging the financial sector to be more watchful in ensuring that “dirty” money does not pass through the system as a result of the new marijuana industry.
Foreign Affairs and Foreign Trade Minister, AJ Nicholson, addressing the Fourth Annual Anti-Money Laundering/Counter Financing of Terrorism Conference, which ended here on Tuesday, said, the opening of opportunities in the industry also involved risks.
He told the Jamaica Bankers’ Association/Jamaica Institute of Financial Services-sponsored conference 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.
Nicholson said, that while several legislative measures have been put in place to combat money laundering, 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”.
He said, the Portia Simpson Miller government is keen on ensuring that Jamaica remains compliant in its international obligation to fight money laundering and that 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 examined the decriminalization 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.
