Stop order
Mentioned
Analysis
The article describes court-ordered restrictions and criminal charges tied to breaches of Jamaican financial regulations and the Bank of Jamaica Act, including reporting failures to the Financial Investigations Division (FID) and suspension of licences by the BOJ.
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Allianceexecutives Peter and Robert Chin had a stop order placed on them when they made their first appearance in the St Andrew Parish Court yesterday to answer to charges relating to breaches of the Bank of Jamaica Act, the Banking Services Act and the Proceeds of Crime regulations.
The stop order, which prevents them from leaving the country, was issued by Senior Parish Judge Lori-Ann Cole-Montague.
The men, who are out on $1 million bail, are to return to court on Friday. This was confirmed by their attorney Tom Tavares-Finson, who did not elaborate on the action to be pursued on Friday.
Both men, along with Alliance Finance Limited (AFL), were charged with breaching the Bank of Jamaica (BOJ) Act and Banking Services Act. This related to 20 foreign currency loans valued at US$8 million to various and accepting deposits in excess of US$7.5 million between 2014 and 2017. Peter Chin and Robert Chin are the president and vice-president of AFL, Alliance Investment Management Limited (AIML) and Alliance Financial Services Limited (AFSL), respectively.
AIML is charged with breaches of the proceeds of crime act for failing to file cash transactions exceeding US$15,000 to the chief technical director of the Financial Investigations Division (FID).
AFSL meanwhile had its cambio and remittance licence suspended on December 3 by the BOJ after both men were charged for the legal breaches.
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