Real es­tate deal­ers added to list of ter­ror­ism re­port­ing en­ti­ties

Pub­lic ac­coun­tants, game op­er­a­tors also in­cluded

Jamaica Gleaner - - SPORTS -

REAL ES­TATE deal­ers, pub­lic ac­coun­tants and casino and game ma­chine op­er­a­tors have been added to the list of en­ti­ties man­dated to re­port to the author­i­ties in re­la­tion to ter­ror­ism.

The or­ders out­lin­ing the new en­ti­ties and their re­quire­ments un­der the Ter­ror­ism Pre­ven­tion Act were ap­proved last Tues­day by the House of Rep­re­sen­ta­tives and by the Se­nate on Fri­day.

Un­der Sec­tion 15 of the Ter­ror­ism Pre­ven­tion Act, the en­ti­ties are man­dated to re­port to the des­ig­nated au­thor­ity (di­rec­tor of pub­lic pros­e­cu­tions) at least once in ev­ery four calendar months. They are also re­quired to sub­mit re­ports upon re­quests made by the des­ig­nated au­thor­ity.

The or­ders rep­re­sent the sec­ond step in a month by the Gov­ern­ment to strengthen Ja­maica’s fight against ter­ror­ism.

In early June, the Se­nate joined the House of Rep­re­sen­ta­tives in ap­prov­ing amend­ments to the Com­pa­nies Act to com­bat money laun­der­ing and ter­ror­ism fi­nanc­ing.

DIS­CLO­SURES

The changes in­cluded mak­ing it the duty of com­pany di­rec­tors to dis­close sit­u­a­tions that present con­flicts of in­ter­est. The law was also clar­i­fied to force com­pa­nies to dis­close ‘real or ben­e­fi­cial own­ers’.

A ben­e­fi­cial owner, based on amend­ments, is, in re­la­tion to shares, “the in­di­vid­ual on whose be­half the shares are held or on whose be­half the share trans­ac­tions con­ducted”. ‘In re­la­tion to a com­pany’ means “the in­di­vid­ual who ex­er­cises ul­ti­mate own­er­ship or ul­ti­mate ef­fec­tive con­trol”.

Ques­tions over who re­ally are be­hind tele­coms com­pany Sym­biote In­vest­ments Lim­ited have re­port­edly pushed the Gov­ern­ment, which is un­der pres­sure from the United States, to clar­ify the law.

The leg­is­la­tion will pro­hibit the is­suance of share war­rants and re­quire in­for­ma­tion on those cur­rently hold­ing them.

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