Presented By: Justin Felice Chief Technical Director FINANCIAL INVESTIGATIONS DIVISION

 Terrorism Prevention Act (2005)  Proceeds of Crime Act & Regulations (2007)  Financial Investigations Division Act (2010)  Terrorism Prevention Regulations (2010) November 07, Financial Investigations Div.

 Financial Institutions (gatekeepers) (POCA, TPA- sec 2)  Designated Non-financial institutions - pending (e.g. Accountants, Attorneys-at-law etc)  Any other person declared by the Minister of National Security/Foreign Affairs (e.g. Exim Bank) November 07, Financial Investigations Div.

Reporting Entity (Y-T-D) Cambios6,3287,6507,480 Commercial Banks Credit Unions Securities Dealers Remittance Services 242,099311,774277,000 Insurance Merchant Banks1995 Building Societies TOTAL249,130320,146285,036 November 07, 20124Financial Investigations Div.

Reporting Entity (Y-T-D) Cambios 24,72424,28617,949 Commercial Banks 82,17683,04175,115 Credit Unions Securities Dealers Remittance Services 3,3484,8302,670 Insurance 7134 Merchant Banks Building Societies 2,4793,1265,711 Designated FI 010 TOTAL 113,435116,550102,701 November 07, 20125Financial Investigations Div.

 Lawyers, notaries, other independent legal professionals, accountants  Casinos (including internet casinos)  Real estate agents  Dealers in precious stones and metal  Trust company service providers November 07, Financial Investigations Div.

REMITTANCE TRANSACTIONS  Average amounts sent relatively small, between US$250 - $1,000  Multiple senders to single recipient  Multiple recipients from same sender.  Multiple transactions during the same day or within short period. November 07, Financial Investigations Div.

Profile of the sender  Sender normally elderly  Multiple transactions from same sender  Senders residing in areas where there are not large concentrations of Jamaicans  Senders surnames tend not to be of English origin, hence unlikely to be related to the typical Jamaican November 07, Financial Investigations Div.

PROFILE OF RECIPIENT  Although island-wide most scammers reside in the western parishes  Recipient usually between age 18 to 30 years  The use of multiple IDs and addresses  Usually unemployed or low-income jobs. November 07, Financial Investigations Div.

TRANSACTIONS –OTHER FINANCIAL INSTITUTIONS  Large wire transfers from same sender(s)  Frequent large cash deposits  New accounts being opened or dormant accounts being re-activated.  Joint accounts with older relative ( usually mother) November 07, Financial Investigations Div.

TRANSACTIONS –OTHER FINANCIAL INSTITUTIONS  When funds are deposited, withdrawals are mainly via ATM and POS  Source of funds information not credible/ does not match profile of accountholder  Occupation/income not in keeping with level of deposits  Cash intensive businesses registered as decoy November 07, Financial Investigations Div.

Recent trends  Collection of funds (in the USA) by associates who then send funds to Jamaica- identification of victim becomes more difficult.  Couriers/third parties used to collect funds- no direct trail to beneficiaries  Funds sent to other Countries November 07, Financial Investigations Div.

LAW ENFORCEMENT Inadequate sender information and arduous process in obtaining this information. Obtaining of witness statement Need for physical presence of overseas witness/victim for court purposes. Court system (hearing dates & continuous postponements) Insufficient resources (personnel, software) November 07, Financial Investigations Div.

FINANCIAL INSTITUTIONS  Effective implementation of policies and procedures for identification & monitoring of suspicious transactions  Continuous staff training, KYC.  Greater collaboration between local and overseas remittance partners November 07, Financial Investigations Div.

 Need for greater collaboration in sharing intelligence.  Better use of analysis, understanding the threat to Jamaica.  Creation of a Problem Profile…National Intelligence Model.  Task Force to include ALL agencies with hands on support from US Law Enforcement Agencies. November 07, Financial Investigations Div.

 Media Campaign  Education re Benefits of Asset Recovery  Reducing Crime  Asset Recovery should be Self Generating  Safer and Stronger Communities  Crime Doesn’t Pay  Asset Recovery Incentive Scheme  Crime Fighting Priorities November 07, 2012Financial Investigations Div. 16