Finance Officials in Jamaica to meet with Attorney General on Alternative Investment Schemes

KINGSTON, Jamaica – Prime Minister Hon. Bruce Golding of Jamaica has mandated the Minister of Finance and the Public Service, Audley Shaw and the Minister Without Portfolio, Don Wheby, to arrange an immediate meeting with the Attorney General, Dorothy Lightbourne, and representatives of the Financial Services Commission, in order to come up with some clear recommendations and guidelines on a way forward to address the growing concerns relating to the unregistered investment Clubs. The parties are to report to the Prime Minister by Monday, January 8.

The instructions were given Friday (Jan 4) during a meeting at Jamaica House between the Prime Minister, the Finance Minister, the Minister without Portfolio, Don Wehby, representatives of the banking sector, and the Financial Services Commission.

The Ministers were asked to examine any deficiencies in the existing statutory (regulatory) process that would need to be adjusted, as well as what initiatives could be taken in relation to assets held by operators of the schemes, should the need arise.

Mr. Golding said the number one priority was to protect the integrity of the country’s financial system and establish the requisite legislative framework for dealing with other investment schemes that may develop in the future.