Cops keeping eye out for breaches of cash-transactions law
Minister of National Security Peter Bunting is adamant that more companies should apply the recently imposed cap on cash transactions.
"I am sending a warning to all businesses who have not yet come into compliance with this new law," Bunting said as he addressed yesterday's handover ceremony for 89 new vehicles to be added to the Jamaica Constabulary Force's fleet.
He added that the Financial Investi-gations Division and the Major Organised Crime and Anti-Corruption Task Force would begin carrying out surveillance to ensure they are in compliance.
"And where they are not, no matter what big company they may be, … the law must apply to everyone equally," he said.
Bunting admitted the amendment to the Proceeds of Crime Act was still relatively new to Jamaica, having been passed into law late October.
It is illegal for a person to pay or receive cash in excess of J$1 million in a transaction for the purchase of goods or services, or for the reduction of any indebtedness, accounts payable, or other financial obligation.
Entities such as banks, cambios and other financial institutions will be allowed to collect cash above the limit.
The vehicles were bought with the combined funds of the Ministry of National Security; Ministry of Tourism and Entertainment, through the Tourism Enhancement Fund; and the National Road Operating and Construction Company.
Bunting noted that at one of the first meetings he had with Police Commissioner Owen Ellington, the need for more vehicles was high on the agenda.
"In the just under two years that I've been minister, we've spent three times, acquiring vehicles, the amount that was spent in the previous two years," he said. "I'm not saying that we've reached an ideal place, … but what I can tell you is that the police is in a much better position today."