The Observed Effects of Money Laundering for Jamaica - Caribbean ...

laundering in the Caribbean. However, given the seriousness of the
money laundering problem improved data analysis is needed to
conclusively determine the impact on the economy.
With regards to policy responses against money laundering law
enforcement agencies and financial institutions have to identify the
various ways which makes the Caribbean vulnerable to money
laundering. The authorities will have to identify anti-money
laundering strategies which have been successful in other countries
that can be applied to the Caribbean which will fight money
laundering effectively.
The fight against money laundering has evolved to a twin track
approach, which consist of a preventative approach and a repressive
approach. The preventative approach is founded in banking law and
the repressive approach is founded in criminal law (Stessons, 2000).
The Swiss model adapts the preventative approach, which focus on
banking laws. The relationship between the financial sector and
money laundering, the Jamaican authorities can take the preventative
approach. Furthermore Stessons(2000) highlights that the
preventative approach is best as it is undertaken by the Swiss as
funds from money laundering are from foreign entities which attempt
to legitimize there illegal money.
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