WESTERN BUREAU:
THE SHOOTING death of an informal foreign exchange dealer in Montego Bay on Sunday has again raised concerns about the legality of the foreign currency trading black market.
President of the Cambio Dealers Association of Jamaica, Alan Morrison, said yesterday that his organisation is aware of the practice, in which large sums of money are bought and sold by unauthorised dealers. The practice has managed to thrive on the streets of Montego Bay, Lucea, Negril, Ocho Rios and Mandeville, despite steps by the Government over the years to remove the activity.
"Other than being victims, they (dollar dealers) are facilitating people involved in illicit activities to get their money laundered," he said.
Derrick Grey, 35, of Lilliput in St. James, was shot by a man with a handgun while he was standing at the intersection of Strand and Church streets, the main informal foreign currency exchange location in Montego Bay.
DIED WHILE BEING TREATED
He died while he was being treated at hospital. His attacker, who is unidentified, was fatally shot by the police in a confrontation and a firearm taken from him.
Mr. Morrison believes that with the proposed Money Laundering Act, which is being redrafted after being tabled in Parliament last year, suspected dollar dealers will be prosecuted. According to Superintendent John Morris, officer in charge of crime for the Area One Police Division, informal foreign exchange is an offence but requires deep investigation.
"Under the Bank of Jamaica Act, if someone is arrested for the offence, it is required by law that a fiat (permission) be obtained from the Director of Public Prosecutions for prosecution of the arrested person," Supt. Morris said. "There has to be a buyer and a seller and both persons can be charged for a breach."
