Position Paper Money Laundering Jamaica
CND Topic A: Countering MoneyLaundering and Promoting Judicial Cooperation to Enhance International
Cooperation
Jamaica
Beachwood High School
Tamir Yankevich
CND: Countering Money Laundering
Money laundering is a global phenomenon that typically entails the illegal acquisition
of money, passed through a complex scheme of transactions to the launderer’s accomplice.
Afterwards, it is returned, disguised as legally obtained money, to the launderer.1 “[M]oney launderers tend to seek out countries...in which there is a low risk of detection due to weak or ineffective antimoney laundering programmes”2 in addition to unstable economies and locations offering limited investment opportunities. In 2009, the United Nations Office on
Drugs and Crime found “in 2009, criminal proceeds amounted to 3.6% of global GDP, with
2.7% (1.6 trillion USD) being laundered”.3 Money laundering can generate huge profits, which then are broken down into smaller amounts and distributed overseas or to places where the money is less likely to attract attention. “The [UN] Convention [against Corruption of 2003] requires countries to establish criminal and other offences to cover a wide range of acts of corruption” and money laundering often covers up other crimes such as drug smuggling and prostitution. Jamaica is rife with money laundering, due to weak economic regulations and large amounts of corruption. This issue, while not as severe as it is in many other nations, has still had its effects on the country. The Anti MoneyLaundering Act has been in place in Jamaica for over a decade, and is used as an act to provide for the tracing of assets derived from trafficking in narcotic drugs, human trafficking, and other such offenses. To further protect
Jamaica from money laundering and the offenses associated with it, in 2007, the Jmaican
Government passed the Proceeds of Crime Act (POCA), criminalizing money laundering related to narcotics offenses, fraud,
Cooperation
Jamaica
Beachwood High School
Tamir Yankevich
CND: Countering Money Laundering
Money laundering is a global phenomenon that typically entails the illegal acquisition
of money, passed through a complex scheme of transactions to the launderer’s accomplice.
Afterwards, it is returned, disguised as legally obtained money, to the launderer.1 “[M]oney launderers tend to seek out countries...in which there is a low risk of detection due to weak or ineffective antimoney laundering programmes”2 in addition to unstable economies and locations offering limited investment opportunities. In 2009, the United Nations Office on
Drugs and Crime found “in 2009, criminal proceeds amounted to 3.6% of global GDP, with
2.7% (1.6 trillion USD) being laundered”.3 Money laundering can generate huge profits, which then are broken down into smaller amounts and distributed overseas or to places where the money is less likely to attract attention. “The [UN] Convention [against Corruption of 2003] requires countries to establish criminal and other offences to cover a wide range of acts of corruption” and money laundering often covers up other crimes such as drug smuggling and prostitution. Jamaica is rife with money laundering, due to weak economic regulations and large amounts of corruption. This issue, while not as severe as it is in many other nations, has still had its effects on the country. The Anti MoneyLaundering Act has been in place in Jamaica for over a decade, and is used as an act to provide for the tracing of assets derived from trafficking in narcotic drugs, human trafficking, and other such offenses. To further protect
Jamaica from money laundering and the offenses associated with it, in 2007, the Jmaican
Government passed the Proceeds of Crime Act (POCA), criminalizing money laundering related to narcotics offenses, fraud,