The Senate has approved a new bill that‘s aimed at preventing entities from engaging in money laundering and the financing of terrorism.

The Terrorism Prevention (Designated Reporting Entity) (Trust and Corporate Services Providers) Resolution, 2022, will seek to strengthen Jamaica’s financial and related non-financial systems, making them more robust and transparent.

Leader of Government Business, Senator Kamina Johnson Smith, who piloted the bill, explained that the international community has placed greater emphasis on the fight against money laundering and financing of terrorism.

She added, that the goals of the anti money laundering and counter financing of terrorism frameworks are to protect the integrity of entities and make it difficult for those engaged in crime to profit from criminal activities.

Noting that Jamaica’s compliance will maintain the trust of international entities, Senator Johnson Smith said citizens will also benefit.