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Home 🌿 Marijuana Business News 🌿 Jamaica: Foreign Minister Urges Ganja Vigilance By Bankers 🌿Jamaica: Foreign Minister Urges Ganja Vigilance By Bankers
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The subscription service is currently unavailable. Please try again later.Foreign Affairs and Foreign Trade Minister Senator A.J. Nicholson is calling for vigilance on the part of financial institutions, surrounding the emerging medical marijuana sector, to stay within the ambit of the drug and anti-money laundering laws.
"Financial institutions must adapt their rules and procedures to be consistent with the amendments to the Dangerous Drugs Act. In doing so, they must continue to be vigilant to ensure that funds which pass through their institutions are acquired only through regulated trade in cannabis and cannabis-related products," Senator Nicholson warned.
He said there is a danger that funds from the trade of unregulated cannabis and related products may find their way into the legitimate banking system.
Addressing the fourth annual Anti-Money Laundering/Counter-Financing of Terrorism Conference on Monday, the foreign minister said recent amendments to the Dangerous Drugs Act must be seen within the context of Jamaica's international obligations under
various treaties.
He...
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