Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...


Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

Jamaica debates legislation to combat Ponzi schemes
Published on December 13, 2013 Email To Friend    Print Version

By Latonya Linton

KINGSTON, Jamaica (JIS) -- Jamaica’s House of Representatives on Tuesday passed legislation to combat the establishment of unlawful financial organisations commonly known as Ponzi or pyramid schemes.

Minister of Finance and Planning, Dr Peter Phillips, opens debate on the Securities (Amendment) Act, during Tuesday’s sitting of the House of Representatives. JIS Photo
Minister of finance and planning, Dr Peter Phillips, who piloted the Securities (Amendment) Act, said the Bill addresses issues that have emerged since the last round of comprehensive legislative changes to improve financial regulations, as a result of the financial crisis of the mid-1990s.

The amendments, he said, will enhance regulation of the securities industry by the Financial Services Commission (FSC) to address the proliferation of Ponzi schemes, and also enable the FSC to meet obligations set out by the International Organization of Security Commissions.

Phillips noted that Jamaicans have lost “significant sums of money” as a result of these schemes and the country’s financial reputation “suffered greatly”. He said the legislation will allow investment clubs to operate providing specific criteria are met.

“What we seek to do is prevent the unlawful and the illegal and at the same time, to set out rules whereby legitimate operations may take place,” Phillips said.

In his remarks, leader of the opposition, Andrew Holness, noted that the opposition agrees that there needs to be an improvement of the regulatory environment dealing with securities and in particularly the financial markets.

“We have had terrible experiences in the late 1990s, in the 2000s where unregulated investment schemes have cost Jamaicans great losses and so we want to be clear that we support this piece of legislation,” Holness said.

Minister of national security, Peter Bunting, said that the amendments “take us a far way towards effectively dealing with the criminals and con artists that promote these scams and rob the most vulnerable of our citizens of their life savings.”

The Bill was passed with 11 amendments and will be sent to the Senate for its approval.

The Bill is part of the programme with the International Monetary Fund (IMF) that must be passed in Parliament before December 31, 2013.
Reads: 2429

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Enter Code

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

Other Headlines:

Regional Sports: