Monday, October 12, 2015
Minister of Foreign Affairs and Foreign Trade Senator AJ Nicholson
KINGSTON, Jamaica (JIS) – The Government is calling on the financial sector to be watchful in ensuring that only clean money enters or passes through their systems from the new ganja industry.
Minister of Foreign Affairs and Foreign Trade, Senator AJ Nicholson, who made the call today, said the opening of opportunities in the industry also involved risks.
He was addressing the Jamaica Bankers’ Association/Jamaica Institute of Financial Services 4th Annual Anti-Money Laundering/Counter Financing of Terrorism Conference, at the Jamaica Pegasus Hotel in New Kingston.
The minister told the gathering that with the relaxation of the rules involving the use, possession and trade in medical cannabis-related products, financial institutions “must adapt their rules and procedures to be consistent with the amendments to the Dangerous Drugs Act”.
“In so doing, they must continue to be vigilant to ensure that funds which pass through their institutions are acquired only through the regulated trade in cannabis and cannabis-related products, which are legal,” he added.
Under the amended Dangerous Drugs Act, which came into effect earlier this year, provision is made for a Cannabis Licensing Authority for the purpose of enabling a lawful, regulated industry in ganja for medical, therapeutic or scientific purposes, and in hemp, to be established in Jamaica.
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