Jamaica: House of Representatives approves Terrorism Prevention Order

The House of Representatives has approved the Terrorism Prevention (Designated Reporting Entity) (Trust and Corporate Services Providers) Order, 2022, on Tuesday.

Jamaica: House of Representatives approves Terrorism Prevention Order

The House of Representatives has approved the Terrorism Prevention (Designated Reporting Entity) (Trust and Corporate Services Providers) Order, 2022, on Tuesday.

The designation aims to empower the nation’s financial and non-financial systems while making them more robust and transparent.

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Meanwhile, the Minister of National Security, Dr Horace Chang, said money laundering and the financing of terrorism are major threats to the financial sector that must be guided with a sense of urgency.

Dr Chang said, “Any of the loopholes in our financial system will avail us with an opportunity for criminals to move their funds to, through or within jurisdictions that do not have the requisite safeguards. Empowering our frameworks will, therefore, break down the reach of criminals to resources and make it more hard for them to profit from their illicit activities.”

He further added that the Order forms up the part of Jamaica’s national plan to enhance its Anti-Money Laundering/Counter-Terrorism Financing frameworks.

At the same time, section 15 (2) of the Terrorism Prevention Act, allows the Minister of Foreign Affairs and Foreign Trade, by Order related to affirmative resolution, to designate an entity as a reporting entity for specific purposes under that Act.

Dr Chang has further added that Section 14 of the Terrorism Prevention Act states that an entity will be recognised as a ‘listed entity’ if it is has been recognised as a terrorist by the United Nations Security Council, or if the Director of Public Prosecution (DPP) has reasonable ways to know that entity has commited the crime intetntionally or participated in the commission of a terrorism offence.