Discussing the Proceeds of Crime with Jamaica’s Asset Management Unit

Earlier this month, two of our senior leadership team made a trip to Jamaica to discuss The Proceeds of Crime Act with Jamaica’s Asset Management Unit (AMU) on behalf of the Financial Investigations Division (FID).

Our Chief Recovery Officer Joanna Summers and our Chief Operations Officer TJ Abernathy enjoyed a thought-provoking discussion on a variety of asset types and a look at the types of assets that are regularly seized by Jamaican law enforcement. They were even fortunate enough to catch an incredible sunset in Montego Bay during their visit!

Joanna and TJ pictured with some of Jamaica's Asset Management Unit

Jamaica recently became the first country in the world to legalise digital currency when the senate allowed the national bank to issue tokens from the Jamaica Digital Exchange (JAM-DEX). They aim to encourage people to join the national banking system by providing them with an easily accessible alternative to cash. The name and tagline of the exchange were designed by Ashley Payne after an island-wide design competition run by the island nation’s central bank.

Although the Jamaican bank faced criticism that recognising cryptocurrency as a legal tender would increase criminal activity on the island, they remain committed to furthering financial innovation in the country. This is likely thanks to a high-level commitment to work with the Financial Action Task Force to strengthen the effectiveness of its anti-money laundering and counter-terrorist financing measures.

Having worked closely with both the FID and the AMU in his previous role with the United States Marshal’s Service, TJ was thrilled to join the fight against financial crime in Jamaica:

“I was extremely happy to continue my long-standing relationship with the FID and the AMU. I’m proud to be able to assist both organisations in the fight against crypto-related crime whilst representing the great work we are doing at Asset Reality and I’m looking forward to a great relationship in the future.”

Similarly, Joanna is looking forward to conducting future sessions on the best practices for crypto assets:

“I am looking forward to a continued relationship with the FID and AMU in Jamaica. It’s been great to see their eagerness to learn about the management of this new asset type. I’m sure they will soon encounter cases involving cryptocurrency assets and I am happy to be assisting the AMU as they build out their new asset forfeiture program.”

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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