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Effects Of Money Laundering In Jamaica

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MONEY LAUNDERING 2 Introduction According to Aluko (2012), “money laundering is indeed a global phenomenon which undermines the economic and political stabilities of countries. However, as much as money laundering is a global phenomenon, over the last decade, it has been apparent that development countries have been more exposed and vulnerable to its exploits. The purpose of this essay is to discuss the social and economical effects of money laundering as it relates to a “Caribbean country”. The paper also tends to examine the impact of anti-money laundering legislations on the banking system, business entities and private individuals.” What Is Money Laundering? Money laundering is the process by which persons obtained money illegally from …show more content…

Income from defrauding persons overseas only follows remittances and tourism earnings, if estimates of US$300 million a year are true. The fraudulent activity was listed among the highest threats to Jamaica in the national security policy published by the Cabinet for public comment last Friday. But the cost of crime and corruption, which includes higher cost of doing business, capital flight and loss of foreign investment, could have wiped out as much as 90 per cent of what the economy could have been …show more content…

When persons launder money, it affects the distribution of income and also degrades the legal transaction. If there’s an increase in demand for money to buy illegal items, then that will make money more expensive. Once there is an increase in money, it will indeed attract higher interest rates which will also attract more foreign investors. The more foreign investors it attracts, the higher the exchange rate will be, not only for investors, but for everyone. Anti-Money Laundering (AML) Legislations Investopedia (2017) stated that, anti-money laundering (AML) refers to a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases, money launderers hide their actions through a series of steps that make it look like money that came from illegal or unethical sources was earned legitimately.” Proceeds of Crime Act (POCA) Christopher Pryce (2012) stated that, FATF and other international bodies have essentially succeeded in having all jurisdictions pass laws to criminalize money laundering. In Jamaica, the major AML statute is the Proceeds of Crime Act (POCA). POCA has policy which provide some essentials on how the act is to be

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