Subscribe free to our newsletters via your
. Energy News .




TRADE WARS
Caribbean financial scams costing millions
by Staff Writers
Kingston, Jamaica (UPI) Nov 13, 2012


disclaimer: image is for illustration purposes only

Financial scams have robbed U.S. and Caribbean citizens of millions of dollars, driving U.S. and Jamaican security forces into urgent collaboration to stem the tide.

In Kingston many of the money kiosks dealing with domestic and foreign remittances and other financial transaction remain under close scrutiny.

Many have suspended financial operations after large-scale fraudulent activity caused operational meltdown.

U.S. Ambassador Pamela Bridgewater said American citizens were fleeced of more than $42 million during a three-year period ending last year. Of those victims, 18 from South Florida and lost about $5.5 million, Bridgewater said.

Jamaican fraudsters have been using money shops to create scams, some involving the national lottery.

Analysts said the scams were of particular concern because of a growing influx of organized crime and drug gangs hounded out of Colombia and Mexico during security operations in those countries.

The envoy cited U.S. Federal Trade Commission data to outline the extent of fraud, The Jamaica Observer said.

U.S. law enforcement agencies have been working "closely and vigorously" with Jamaican counterparts in collaborative efforts to combat the scam since it surfaced several years ago, Bridgewater told a meeting called to discuss measures to combat the problem, the Observer said.

A special task force based at the U.S. Embassy in Kingston includes security and law enforcement experts from several U.S. agencies.

Bridgewater said U.S. collaboration with the Jamaica Constabulary Force and the Jamaican Customs Department had led to constructive results.

"We also work on programs, projects and operations in the United States with the cooperation of the JCF, and we work on cases in our own country (for which our authorities) will request extradition," the envoy said.

U.S. officials are also helping Jamaican law enforcement agents with local investigations and sharing intelligence that will help in combating the crime wave, she said.

"We won't stop until justice prevails," she said.

Jamaican remittance companies have reported than 270,000 suspicious transactions to the Financial Investigations Division since early 2012, the Gleaner newspaper said.

Leesa Kow, president of Jamaica Money Remitters Association, told The Gleaner the scams had forced businesses to increase security, at significant cost.

"It is horrendous, the financial burden as well as the burden on the human resources," Kow said.

"We have had to have in place huge numbers of teams to sit down and vet transactions; that's all they do. They look at the patterns of the transactions, they look for linkages between the transactions and where the transactions are coming from and where they are going," Kow said.

FID chief Justin Felice says the organization is hard-pressed to sift through the huge volumes of suspicious transactions because of insufficient human resources.

Caribbean countries are also struggling to build up and refurbish their military and security forces.

Recent moves toward defense acquisitions have met with opposition from government critics and warnings about the proper use of limited cash resources at the governments' disposal.

The United States has put different programs in places for the training of Caribbean military personnel and for measures against money laundering and other organized crime activities transferred from Latin American narcotic hubs.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
Huntsman, Sinopec form joint venture in China
New York (AFP) Nov 13, 2012
US chemicals maker Huntsman Corporation unveiled Tuesday a joint venture with a subsidiary of Chinese oil giant Sinopec to build and operate a chemical plant in China. Huntsman will own 49 percent of the joint venture, Nanjing Jinling Huntsman New Materials, and Sinopec Jinling Company will hold 51 percent, the Texas-based company said in a statement. The plant, to be built in Nanjing, w ... read more


TRADE WARS
New Rule Could Reenergize Clean-Energy In New Jersey

Enviro Champions Win on Clean Energy, Protecting Environment and Public Health

Australia pledges to second phase of Kyoto

California readies for carbon plan

TRADE WARS
Prestige skipper blames Spain at oil disaster trial

Warning issued on 'experimental' fracking

Using rust and water to store solar energy as hydrogen

New Jersey ends gasoline rationing

TRADE WARS
Scotland approves 85MW Highlands wind farm

China backs suit against Obama over wind farm deal

DNV KEMA awarded framework agreement for German wind project developer SoWiTec

Sandia Labs benchmark helps wind industry measure success

TRADE WARS
Australia scraps Solar Dawn project

Bosch quits international solar energy project

EU probes subsidies for Chinese solar panel makers

Stadiums increase renewable energy use

TRADE WARS
French EDF, Areva mull nuclear plan with China's CGNPC

S. Korea reactor shut down due to cracks

Fault under Japan nuclear plant 'may be active'

S. Korea watchdog finds cracks in nuclear reactor

TRADE WARS
A Better Route to Xylan

More Bang for the Biofuel Buck

Sweet diesel! Discovery resurrects process to convert sugar directly to diesel

First solely-biofuel jet flight raises clean travel hopes

TRADE WARS
Mr Xi in Space

China plans manned space launch in 2013: state media

China to launch manned spacecraft

Tiangong 1 Parked And Waiting As Shenzhou 10 Mission Prep Continues

TRADE WARS
Climate Likely to Be on Hotter Side of Projections

Drifting word clouds may change perceptions of climate science

Australia to sign up for Kyoto 2

Obama hints at new drive on climate change




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement