The Lower House on Tuesday passed changes to the Proceeds of Crime (POCA) Amendment Bill, which, among other things, places a limit of $1 million on cash transactions with financial institutions.

Members on both sides of the House argued for the limit to be raised from the originally proposed $500,000 to at least $2 million.

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.

Minister of National Security Peter Bunting, in piloting the bill through the House, stressed the importance of ensuring that Jamaica is fully compliant with Caribbean Financial Action Task Force requirements.

In its last mutual evaluation in June 2005, results indicated that Jamaica had been assessed as largely compliant with 30 of the 48 recommendations; partially compliant with 13; and non-compliant with five.

Bunting pointed out that between 2005 and now, the government has taken several actions to address the outstanding issues, including the passage of the POCA in 2007, which is aimed at strengthening the country's anti-money laundering framework and combating the financing of terrorism.

Bunting said while Jamaica continued to review its laws to ensure compliance with the requisite international standards, there were still some unresolved issues.

In the debate leading up to the passage of the amendments, Member of Parliament for South St Catherine, Fitz Jackson, raised concerns that small and medium-sized operations, in particular, could be forced to bear too many bank charges for daily transactions that amount to or exceed $500,000.

"The last thing we want to do is foist any incremental expenses on their business transactions on a day-to-day basis. it is those incremental transactions that make the difference for many businesses," Jackson said.

Opposition Spokesman on National Security Delroy Chuck said while it is a good idea to move away from cash transactions, there are "dangers" to having a cash limit of only $500,000 as Jamaicans for the most part use cash.

He noted also that in developed societies such as Europe, where there are limits on cash use, the systems which facilitate electronic transactions are well advanced and easy to use.

Some of the other amendments include the addition of an oversight regime for designated non-financial businesses and professions such as attorneys, accountants, real-estate dealers, and dealers in special metals and stones.

The act also outlines the powers that the designated competent authorities would have in relation to the role of monitoring compliance with the anti-money-laundering requirements.