Financial analyst Dennis Chung has responded to the central bank’s letter to the editor last week in which it explained the rationale for amending the Bank of Jamaica Act (BOJA).

Deputy Governor Natalie Haynes, in responding to Chung’s column published in the Sunday Observer on October 18, 2020, had explained that the idea for amending the Act was not to “impose fines and penalties on remittance companies and cambios for breaches”, as argued by Chung.

According to Haynes, the proposed amendment to the Act is designed to protect the industry, in keeping with international best practice by better targeting and sanctioning the fraudulently illegal practice of unlicensed money service providers.

However, Chung has posed a few questions about the proposed legislation and said the matter needs discussion to arrive at a win-win situation for the protection of the industry.

http://www.jamaicaobserver.com/business-observer/proposed-amendments-to-boj-act-need-further-discussion-says-chung_206288