BCIC - General Information

General Information

Policy Statement

British Caribbean Insurance Company Limited (BCIC) is committed to full compliance with all applicable Laws and Regulations regarding the Proceeds of Crime Act (POCA), 2007 and the Terrorism Prevention Act, 2005 and any other relevant Legislation.

The Company's Position

The Company has adopted and will enforce the provisions under Part 5, sections 91 - 102 of the (POCA) in order to prevent and detect money laundering, terrorist financing and other illegal activities.

What is Money Laundering?

Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities or the process by which terrorists transfer assets for the purpose of financing their illegal activities.

According to section 92 (1) of the (POCA), a person commits an offence if that person:–

(a) engages in a transaction that involves criminal property;
(b) conceals, disguises, disposes of or brings into Jamaica any such property; or
(c) converts, transfers or removes any such property from Jamaica,

and the person knows or has reasonable grounds to believe; at the time he does any act referred to in paragraph (a), (b), or (c), that property is criminal property.

The Financial Services Commission (FSC)

The FSC has been mandated to implement measures designed to reduce the possibility of a financial institution being used for any purpose connected with an offence involving money laundering. The FSC therefore carries out administrative and supervisory regulation with respect to money laundering issues. For further information, please visit the FSC's website.
http://www.fscjamaica.org/