Real estate dealers added to list of terrorism reporting entities

Public accountants, game operators also included

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.