Used car dealers say cash transaction limit too low
Debbie-Ann Wright, News Editor - Radio
The Jamaica Used Car Dealers Association says a $1 million limit on cash transactions is too low and will put pressure on honest Jamaicans.
Yesterday the House of Representatives approved the limit as Government moves to put the brakes on money laundering and plug a major source of revenue leakage to the tax coffers.
The rule is an amendment to the Proceeds of Crime Act.
However, president of the used car dealers’ association, Lynvalle Hamilton, says members believe a limit of $1.5 million would be more appropriate.
He says many honest Jamaicans are wary of putting their money in the banks, especially since the deposit insurance mechanism only covers up to $600,000.
Hamilton says his association understands and supports the efforts to clamp down on money laundering and tax evasion.
However, he says the $1 million limit may not yield the desired results as criminals will find ways around it.
FOR MORE STORIES WATCH: