Asset Reality is Appointed by the Jamaican Authorities

Our Chief Recovery Officer, Joanna Summers, and our Chief Operations Officer, TJ Abernathy recently went to Jamaica to conduct an on-site assessment of the island’s Asset Forfeiture Program on behalf of the Financial Investigations Division (FID).

Joanna and TJ were given an in-depth look at various confiscated assets and their storage solutions, including vehicles, bank accounts and even physical properties. This allowed them to put together a comprehensive plan to assist the Jamaican Asset Management Unit (AMU) in strengthening the effectiveness of their anti-money laundering and counter-terrorist financing measures.

Thanks to their work, Asset Reality has been appointed by the Jamaican Authorities to provide services to the law enforcement agencies on the island and ensure their compliance with the Financial Action Task Force (FATF).

We’ll be working closely with police officers, public prosecutors and investigating judges to help establish strong asset management policies and procedures, advance their current training capabilities and mitigate risk.

As the first contract of its kind in the world, the Jamaican authorities will be the first users of our newly created Asset Recovery Management Services (ARMS) platform, designed by industry experts and ex-law enforcement to support asset recovery practitioners throughout the entire process of seizure, recovery and management.

Commenting on the appointment, Joanna was optimistic about their continued work with the Jamaican AMU:

“With the national rollout of the Central Bank Digital Currency (CBDC), JAM-DEX, this is the perfect time for the asset forfeiture unit to improve their collective knowledge of cryptocurrencies, NFTs and other digital assets. The Bank of Jamaica is responsible for the formation and implementation of monetary policy, and now they are also responsible for minting, issuing, and redeeming CBDC in Jamaica.”

“The training we offer at Asset Reality will assist the unit in effectively managing and disposing of various asset types, and gain a greater understanding of new and unique scenarios such as the roll-out of a CBDC.”

“The unit is eager to tackle long-term processes, like procuring a contractor for various asset management and disposal functions, and they are also eager to learn everything about cryptocurrency. I'm looking forward to watching both the unit and the asset forfeiture program in Jamaica evolve.”

Similarly, TJ was keen to praise the unit’s eagerness to learn:

“After working closely with them whilst in the US Government, I am delighted to continue my relationship with the FID. They are a great group of folks that can’t wait to assist in any way they see fit, and I’m proud to help them in the fight against crypto-related crime in Jamaica.”

If you would like to know more about our work in crypto-related frauds and asset recovery, contact connect@assetreality.com

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