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Jamaica Chamber of Commerce supports cash transactions limit

Published:Wednesday | October 16, 2013 | 1:44 PM

Debbie-Ann Wright, News Editor - Radio



Head of the Jamaica Chamber of Commerce, Francis Kennedy, says his group supports the limit on cash transactions approved by the House of Representatives.




Kennedy says the $1 million limit is in line with international standards.



If the amendment is approved in the Senate, it would be illegal for a person to pay or receive cash in excess of $1 million in a transaction for the purchase of goods or services or to settle debts.



It will also be unlawful to artificially separate a single activity into a set of transactions so that each transaction involves a payment and receipt of cash of less than $1 million, if the activity or course involves payment and receipt of cash that exceeds that amount.



Persons convicted of either offence face up to 10 years imprisonment if convicted in the circuit court, and may also be fined.



They will face a fine of up to $3 million or three years imprisonment if they are convicted in a resident magistrate's court.



Entities such as banks and other financial institutions such as cambios will be allowed to collect cash above $1 million.



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