Presented By: Justin Felice Chief Technical Director FINANCIAL INVESTIGATIONS DIVISION.

Presented By: Justin FeliceChief Technical Director

FINANCIAL INVESTIGATIONS DIVISION

Terrorism Prevention Act (2005)

Proceeds of Crime Act & Regulations (2007) Financial Investigations Division Act (2010)

Terrorism Prevention Regulations (2010)

November 07, 2012 2Financial Investigations Div.

Financial Institutions (gatekeepers)

(POCA, TPA- sec 2) Designated Non-financial institutions -

pending(e.g. Accountants, Attorneys-at-law etc)

Any other person declared by the Minister of National Security/Foreign Affairs

(e.g. Exim Bank)


Reporting Entity

2010 2011 2012(Y-T-D)

Cambios 6,328 7,650 7,480

Commercial Banks

244 273 168

Credit Unions 122 130 114

Securities Dealers 160 157 161

Remittance Services

242,099 311,774 277,000

Insurance 34 21 13

Merchant Banks 19 9 5

Building Societies 124 132 95

TOTAL 249,130 320,146 285,036


Reporting Entity

2010 2011 2012 (Y-T-D)

Cambios 24,724 24,286 17,949

Commercial Banks

82,176 83,041 75,115

Credit Unions 66 146 76

Securities Dealers 467 520 281

Remittance Services

3,348 4,830 2,670

Insurance 7 13 4

Merchant Banks 168 587 895

Building Societies 2,479 3,126 5,711

Designated FI 0 1 0

TOTAL 113,435 116,550 102,701


Lawyers, notaries, other independent legal

professionals, accountants

Casinos (including internet casinos)

Real estate agents

Dealers in precious stones and metal

Trust company service providers


REMITTANCE TRANSACTIONS

Average amounts sent relatively small,

between US$250 - $1,000

Multiple senders to single recipient

Multiple recipients from same sender.

Multiple transactions during the same day or

within short period.


Profile of the senderSender normally elderlyMultiple transactions from same senderSenders residing in areas where there are not large concentrations of JamaicansSenders surnames tend not to be of English origin, hence unlikely to be related to the typical Jamaican


PROFILE OF RECIPIENT

Although island-wide most scammers reside in the western parishesRecipient usually between age 18 to 30 yearsThe use of multiple IDs and addressesUsually unemployed or low-income jobs.


TRANSACTIONS –OTHER FINANCIAL INSTITUTIONS

Large wire transfers from same sender(s)Frequent large cash depositsNew accounts being opened or dormant accounts being re-activated.Joint accounts with older relative (usually mother)

November 07, 2012 10

Financial Investigations Div.

TRANSACTIONS –OTHER FINANCIAL INSTITUTIONSWhen funds are deposited, withdrawals are mainly via ATM and POSSource of funds information not credible/ does not match profile of accountholderOccupation/income not in keeping with level of depositsCash intensive businesses registered as decoy



Recent trends

Collection of funds (in the USA) by associates who then send funds to Jamaica- identification of victim becomes more difficult.Couriers/third parties used to collect funds-no direct trail to beneficiariesFunds sent to other Countries



LAW ENFORCEMENT

•Inadequate sender information and arduous process in

obtaining this information.

•Obtaining of witness statement

•Need for physical presence of overseas witness/victim

for court purposes.

•Court system (hearing dates & continuous

postponements)

•Insufficient resources (personnel, software)



FINANCIAL INSTITUTIONS

Effective implementation of policies and

procedures for identification & monitoring of

suspicious transactions

Continuous staff training, KYC.

Greater collaboration between local and

overseas remittance partners



Need for greater collaboration in sharing

intelligence.

Better use of analysis, understanding the threat

to Jamaica.

Creation of a Problem Profile…National

Intelligence Model.

Task Force to include ALL agencies with hands

on support from US Law Enforcement Agencies.



Media Campaign Education re Benefits of Asset Recovery Reducing Crime Asset Recovery should be Self Generating Safer and Stronger Communities Crime Doesn’t Pay Asset Recovery Incentive Scheme Crime Fighting Priorities

November 07, 2012Financial Investigations Div. 16

Presented By: Justin Felice Chief Technical Director FINANCIAL INVESTIGATIONS DIVISION.

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