FID Gets $18M Under Proceeds of Crime Act

by October 17th, 2017

The Financial Investigations Division (FID) says robust efforts continue to take the profit out of crime.

The comment from Principal Director of Investigations Albert Stephens came after the court ordered that large sums of cash be seized from several individuals who could not properly account for the money.

The FID a part of the finance ministry is mandated to tackle financial crime and money laundering.

Eighteen million dollars in cash was seized recently in relation to six cases brought under the proceeds of crime act.

The FID says the money seized is passed to the government for use in a wide range of areas including the criminal justice sector.

The FID utilises powers under POCA which allows for the seizure of cash suspected to be the proceeds of crime or intended for use in some future crime.

Seizure of money will also occur in circumstances where persons are found in possession of sums in excess of J$100,000 or its equivalent in any other currency and the explanation for the sum raises suspicion.

Following investigations into the origins of such funds a request can be made to a court for the cash to be forfeited and a hearing will  take place before a judge  who will order forfeiture if satisfied that the cash is indeed the proceeds of crime or intended for future use in crime.

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