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FID keeping financial system safe and sound — Williams

Thursday, May 24, 2018

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KINGSTON, Jamaica (JIS) — Minister without Portfolio in the Ministry of Finance and the Public Service, Fayval Williams, is commending the Financial Investigations Division (FID) on its work over the past 15 years in deterring the use of Jamaica's economy for money laundering and other financial crimes.

She said that the entity is “ensuring that the country's financial system remains safe and sound and is not corrupted by those who would love to do what they do in terms of money laundering and other things”.

“The last 15 years reminds us of how vulnerable we are as an open society in terms of our financial affairs. We congratulate you for being such a strong pillar in terms of the protection that you offer to all Jamaicans… [and] we are grateful for the work that you do,” she added.

Williams was speaking at the FID's 15th anniversary celebration at the University of the West Indies (UWI) Mona Visitors' Lodge on Tuesday.

She said the division must become more adept at dealing with the emerging financial crimes threats.

“You have to be outfitted with the technology, with the right people, the right resources to be able to stay a step ahead of all of that,” she pointed out.

FID's Chief Technical Director, Robin Sykes, noted that members of staff of the Division have spent years honing their skills and fighting hard in the courts to get the desired judgments.

He thanked all the local and international partners, who have assisted with the development of the entity over the years.

A division within the Ministry of Finance and the Public Service, the FID, which was established in December 2002, is charged with protecting the economy against financial crimes, including money laundering, thereby contributing to a stable financial sector and an investor-friendly environment.

It is also mandated to investigate and heighten public awareness about financial crimes and their impact on society.

FID investigates allegations of money laundering, financial crime and corruption in tandem with other national and regional law-enforcement agencies; detects, deters and aids the prosecution of offences committed under the various acts dealing with financial crimes, thereby causing a reduction of the actual and expected profits that would evolve from such corrupt activities; and collaborates with international bodies in responding to transnational crimes under the Mutual Legal Assistance (Criminal Matters) Act.

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