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Shaw says money laundering hurting Jamaica's int'l reputation

Published:Wednesday | June 8, 2016 | 6:31 PM
Shaw: in many cases countries are stopping legitimate transfer of funds in an effort to stem illegal transfers.

Finance Minister Audley Shaw says a growing number of international financial institutions are refusing to do business with Jamaica because of the country's reputation for money laundering activities.

In recent years, Jamaica's reputation has been further marred by lottery scamming.

Shaw on Wednesday told Jamaicans in London at a Jamaica National Outlook for the Future Forum that the issue of Jamaica's reputation as a money laundering location was raised at a meeting with the Commonwealth Secretary-General Patricia Scotland earlier today.

He said in many cases countries are stopping legitimate transfer of funds in an effort to stem illegal transfers.

But according to Shaw, this is unfair to Jamaica.

 

Finance Minister Audley Shaw

Earlier this week, American prosecutors revealed that eight Jamaicans were arrested and are now awaiting extradition to the US to be tried on lottery scamming charges.