Sun | May 24, 2015

JBA says companies caught in lottery scam web

Published:Thursday | November 8, 2012

The Jamaica Bankers’ Association (JBA) is warning that the nation’s financial sector has been placed in a very precarious position because of the multibillion dollar lottery scam.



Addressing a lottery scam forum yesterday, member of the JBA’s anti-fraud committee, Leighton Mitchell, said a number of banks in Jamaica have numerous companies on their books considered high risk under the Proceeds of Crime Act.



Mitchell says this is because it is easy for players in the lottery scam to use these companies to launder their money.



He warns that if local banks are cited by international banks for having an indirect involvement in the scam because of these high-risk companies, the result could be catastrophic for the banks and the government.



Meanwhile, Head of the Financial Investigation Division Justin Felice is suggesting restricting large cash payments for one-off transactions.



Mr. Felice says scammers are known to carry large sums of cash when purchasing items such as high-end vehicles and homes.



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