Dec 15, 2017 Last Updated 2:48 PM, Dec 12, 2017

The Minister of Finance & the Public Service

The Honourable Minister Audley Shaw CD, MP, Minister of Finance and the Public Service. He is a graduate of Northern Illinois University (NIU) with a Bachelor of Arts and Master of...

Minister of State in the Ministry of Finance and the Public Service

The Honourable Rudyard Spencer, CD, MP is Minister of State (Public Service), with the Ministry of Finance and Public Service. Minister Spencer studied Industrial Relations at Medg...

Minister of State in the Ministry of Finance and the Public Service

The Honourable Fayval Williams, MP, is Minister of State in the Ministry of Finance and the Public Service. Minister Williams is a Chartered Financial Analyst (CFA), and holds an M...

If a financial institution knowingly withheld or failed to report a suspicious transaction, can the institution be penalized?

A financial institution or a regulated business that fails to make a report or comply with a disclosure order commits an offence and is liable upon conviction before a Resident Magistrate Court to a fine not exceeding $400,000.oo

A person who commits an offence to disclose information regarding transactions believed to be related to money laundering knowingly is liable on conviction before a Resident Magistrate Court to a fine not exceeding $1m , or imprisonment for a term not exceeding 12 months or both.

On conviction in a Circuit Court to a fine or imprisonment for a term not exceeding 10 years or to both fine and imprisonment.

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