Car dealers support $1M cash transaction limit

Jamaica Used Car Dealers Association (JUCDA) president, Lynvalle Hamilton, says though some members of the association may take issue with the $1 million limit for cash transactions, most do not have a problem.

Our news team engaged Hamilton's view in light of the arrest and prosecution of several workers at used car dealers across the island.

"I understand the reason why the law was created and we can work with it. Earlier, a number of persons were not aware, not all the dealers knew about it. We do not have any problem with the threshold," said Hamilton.

He also told our news team that most of the arrests were made in relation to transactions made two or three years ago.

INITIAL STAGES

When asked if the law was not burdensome, he said, "In the initial stages, I did have some concerns, but we don't have a problem. Safety is just one of the reasons. I don't see why someone should walk with so much money. Payment can be made in instalments."

The Proceeds of Crime Amendment Bill (POCA), among other things, places a limit of

$1 million on cash transactions.

The $1 million limit means that under the provisions for the reporting of suspicious transactions, cash transactions of over $1 million cannot be undertaken by anyone other than a "permitted person" such as a bank or licensed financial institution.

The Westmoreland Proactive Investigations Unit arrested and charged a businesswoman and a sales representative on July 19 and July 25, respectively, for breaches of the Proceeds of Crime Act.

Charged are 37-year-old Karrian Gray of Norwood Gardens in Paradise, St James, and 24-year-old Adrian Wilson of Hatfield district in Manchester.

Reports from the Westmoreland police are that a lottery scamming operation was carried out at a premises in Chantilly, Westmoreland, where a man was detained and a 2010 Toyota Axio he was driving taken to the police station for safekeeping.

Gray later went to the police station to prove ownership of the vehicle when her receipts showed that the motor car was purchased for $1.4 million in cash in July of last year.

She was subsequently charged. Wilson, who was the sales representative in the transaction, was arrested and charged later.

Gray and Wilson will appear in the Manchester Parish Court on Wednesday, August 10.

Investigations in the matter are ongoing.