Money laundering
Money laundering is the process used to hide the origin of money or assets acquired from illegal activities. Money is laundered through legitimate financial institutions; the money can be laundered by means of bank deposits, investments, or transfers from one place or person to another. The crimes that are associated with money laundering spans a variety of illegal events from drug trafficking and smuggling to fraud, extortion and corruption.
Economic and social implications
Money laundering has myriads of social and economic effect or implications on Jamaica. The economic implications that money laundering has on Jamaica, even though it may not seems so clear is that illegal activities damages the financial sector institution that are critical to growth of the economy, which reduces the productivity in an economy’s real sector by diverting resources and encouraging crime and corruption, which slow economic growth and distort external economic sector .The attributes of developing economy such as Jamaica, in particular, have been more exposed to the exploits of
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Section 3 subsection (1) A person shall be taken to engage in money laundering- (A) Engages in a transaction that involves property that is derived from the commission of a specified offence; or
(B) Acquires, possesses, uses, conceals, disguises, disposes of or brings into Jamaica, any such property; or
(C) converts or transfers that property or removes it from Jamaica, and the person knows, at the time he engages in the trans action referred to in paragraph (a) or at the time he does any act referred to in paragraph (b) or (c), that the property is derived or realized directly or indirectly from the commission of a specified offence.
Section (2) a person who, after the 5th of January, 1998 engages in money laundering is guilty of an offence and is