Alliance bosses, companies accused of financial crimes | New
Alliance Investment Management Limited, Alliance Finance Limited, their chairman Peter Chin and their vice chairman Robert Chin have been charged with various offenses under the Bank of Jamaica Act, the Banking Services Act and the Proceeds of Crime Act.
Alliance Investment and its chairman Peter Chin have been charged with carrying on a currency lending business without being a licensed broker under the Bank of Jamaica Act.
The Financial Investigations Division (FID) said the charges involved more than 20 foreign currency loans to various entities, totaling around $ 8 million.
Alliance Finance, President Peter Chin and Vice President Robert Chin have been charged with breaking the Banking Services Act for accepting deposits without the required license from the Bank of Jamaica.
“These violations relate to a series of deposits of more than 7.5 million US dollars over a period of three years, 2014-2017,” an FID spokesperson said in a statement.
Alliance Investment has also been accused of failing to file reports on threshold transactions, which is a violation of the Proceeds of Crime Law.
The investigative agency said Alliance Investment did not file cash transactions of US $ 15,000 or more or its equivalent in any other currency with the Chief Technical Director of FID.
FID Chief Technical Director Selvin Hay said the accusations resulted in successful collaboration with the Counterterrorism and Organized Crime Division, the Organized Crime and Corruption Agency and the Investigations Division. major police.
Law enforcement agencies conducted a coordinated search at the two financial institutions.
âFollowing an investigation, a carefully prepared case was submitted to the office of the Director of Public Prosecutions,â Hay said.
He said the director of public prosecutions later ruled that the companies and their executives should be charged.
âOur goal is to deter the use of the Jamaican economy for financial crimes, thereby contributing to a stable financial sector and an enabling environment for investors,â said Hay.