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Is Jamaica’s anti-money laundering regime effective?

Marie Freckleton (University of the West Indies, Kingston, Jamaica)

Journal of Money Laundering Control

ISSN: 1368-5201

Article publication date: 7 January 2019

Abstract

Purpose

This paper aims to assess the effectiveness of Jamaica’s anti-money laundering regime.

Design/methodology/approach

The research is based on secondary sources. Existing laws and reports of relevant agencies were reviewed.

Findings

The effectiveness of Jamaica’s anti- money laundering regime is compromised by weak implementation of the regulations. The real estate sector and the legal profession remain vulnerable to money laundering. Some features of the economy allow criminals to circumvent the regulations.

Research limitations/implications

The research is based on qualitative analysis because of the absence of data to compute quantitative measures of effectiveness.

Practical implications

Strong enforcement is required for effective control of money laundering. Furthermore, investigation of money laundering needs to be pro-active and not dependent solely on suspicious transactions reports in countries where corruption is prevalent.

Social implications

Weak money laundering control can contribute to social instability by allowing criminals to gain significant economic power and influence.

Originality/value

No other study has highlighted the factors undermining the effectiveness of anti-money laundering regulations in Jamaica.

Keywords

Citation

Freckleton, M. (2019), "Is Jamaica’s anti-money laundering regime effective?", Journal of Money Laundering Control, Vol. 22 No. 1, pp. 89-96. https://doi.org/10.1108/JMLC-01-2018-0006

Publisher

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited