On Thursday, February 19, 2009 the Jamaica Bankers Association Anti-Fraud Committee hosted a panel discussion on the topic ‘The Jamaican Laws On Fraud – In Sync With The Times? In sharing their expert knowledge with the audience, the panelists gave an overview of the relevant legislation, identified the challenges with fraud investigation and examined the penalties associated with this crime. The panelists included Mr. Kent Pantry, former Director of Public Prosecution and current Dean of the Faculty of Law at the University of Technology Jamaica (UTECH), Supt. Colbert Edwards, Head of the Fraud Squad, Supt. Fitz Bailey, Organised Crime Division and Mrs. Caroline Hay, Deputy Director of Public Prosecution who represented the Director of Public Prosecution.

Mr. Pantry, in his presentation, explained the Larceny and Forgery Acts, identified the types of offences covered by these Acts and the penalties assigned to them. In presenting the statistics on fraud, Supts. Bailey and Edwards noted that there had been an increase in the number of reported cases. While the clear-up rate in some categories was commendable, the recovered amounts appeared to be minimal in comparison with the volume of losses. Mrs. Caroline Hay noted that, in an effort to expedite trials associated with fraud, most cases are assigned to the Resident Magistrates (RM) Courts. Mrs. Hay further advised that RM Courts have limited powers of sentencing (up to three years and in certain circumstances up to four years). It was generally agreed that this results in the perception that fraudsters are being punished with a mere ‘slap on the wrist’.

A recommendation arising from the forum was for the financial sector to lobby the Government to develop fraud courts; however, the tension that arises with the need for such a facility and the competition from other critical areas for already scarce resources was acknowledged.

The discussion was ably moderated by Ms. Shirley-Ann Eaton, Lecturer in Law, Department of Management Studies, University of the West Indies (UWI) and the audience included representatives from managerial, audit, risk and compliance staff of companies in the financial services sector. The event was very spirited and highly participatory.

The Jamaica Bankers Association Anti-Fraud Committee consists of members of the Jamaica Bankers Association with representatives of the Building Societies, the Jamaica Co-operative Credit Union League and Jamaica Constabulary Force also serving on the Committee. The Committee was formed to provide a forum for the presentation of the views of the partnership organisations in relation to the prevention, detection and prosecution of fraud committed against the financial services community. One of the objectives of the Committee is to become an active Group in developing publicity campaigns, seminars or conferences related to financial fraud and its prevention.

ABOUT THE JAMAICA BANKERS ASSOCIATION
The JBA was formed in 1967 to promote a vibrant, competitive banking sector that benefits both members
and consumers. Through the active participation of its ten (10) members, the JBA works to foster an environment
in which financial services are of benefit to its members and the wider society.