Alliance Finance pleads guilty
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The article describes a guilty plea by a finance company and criminal charges involving alleged violations of Jamaican banking and anti-money laundering reporting requirements, including reporting to the FID and licensing by the Bank of Jamaica.
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KINGSTON, Jamaica – Alliance Finance Limited has pleaded guilty to breaches of the Bank of Jamaica Act and the Banking Services Act.
The company entered the plea on Thursday when its principals appeared in the Kingston and St Andrew Parish Court.
Sentencing is scheduled for March 3.
Peter Chin and Robert Chin, the president and vice-president of Alliance Financial Services Limited (AFSL), Alliance Finance Limited (AFL), and Alliance Investment Management Limited (AIML), respectively, were arrested and charged with breaches of the Banking Services Act and for allegations that they accepted deposits in excess of US$7.5 million over the three-year period 2014 to 2017 — without the requisite licence from the Bank of Jamaica (BOJ).
Peter Chin and AIML are charged with failure to file threshold transaction reports as mandated under the Proceeds of Crime Act for transactions exceeding or equal to US$15,000 (or its equivalent in any other currency) to the Financial Investigations Division (FID).
The court heard that based on the Alliance Finance plea agreement, it is the prosecution’s intention to withdraw charges against the Chins in their personal capacity.
Peter Chin and Robert Chin, who are being represented by attorney-at-law Tom Tavares-Finson, had their bails extended to March 3 when the matter will be heard.
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