Jamaican Government moves for harsher penalties for white-collar crime

Shanieka Smith

Staff Writer

#Jamaica, February 2, 2023 – “If you rob depositors, or you defraud investors and you put our financial system and our way of life at risk, the Jamaican society wants you put away for a long time; a long, long, time.”

This was Jamaica’s Finance Minister, Dr. Nigel Clarke’s remarks after revealing that a review of the legislation in the financial sector is in order.  This includes the implementation of harsher penalties for those who commit white-collar crimes.  Jamaica’s Finance Minister Dr. Nigel Clarke made the announcement at the Ministry of Foreign Affairs meeting on Monday.

This comes after the recent multi-billion dollar fraud at Stocks and Securities Limited.

He announced that the amended legislation should allow for easy detection and prosecution of these crimes. Also to be amended are the Securities Act, Pensions Act, Banking Act and Insurance Act.

Going forward, securities dealers will be required to publish their financial statements on the Jamaica Stock Exchange.

“The discrepancy between sanctions for white-collar crime and other forms of crime must be erased,” Clarke said.