Shaw concerned about amendments to Crime Act
Horace Fisher, Gleaner Writer
Opposition spokesman on Finance Audley Shaw has taken issue with amendments to the Proceeds of Crime Act (POCA), which will limit cash transactions of $1 million or more.
Addressing delegates in South west Clarendon last night, Shaw warned that the changes would result in a massive windfall for the banking sector.
He said after the Jamaica Labour Party’s internal election in November, he will initiate an enquiry into the fee structure that financial institutions pass on to its customers.
The former finance minister has urged the banks to prepare for a lower fees intake.
He also highlighted that the amendments to POCA, which he described as draconian, put unsuspecting business persons at risk of running afoul of the law if they conduct a transaction with more than $1 million in cash.
If the amendments are passed into law, it will be illegal to separate a single activity into a set of transactions in an effort to reduce the value of the transaction.
However banks and other financial institutions will be allowed to collect cash above $1 million.
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