The Federal Bureau of Investigation (FBI) has been called in to assist local authorities in the fraud probe at Stocks and Securities Limited (SSL).
Minister of Finance and the Public Service, Dr Nigel Clarke, made the disclosure during a policy address on the financial sector regulation held on Monday (January 23), at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston.
“Based on the magnitude of this fraud and the lines of inquiry being pursued, the Financial Investigations Division (FID) and the Fraud Squad have already sought assistance from the FBI and other international partners,” he said.
He noted that the investigative authorities have full operational independence and will pursue the facts wherever they may lead, adding that they will unearth “exactly how funds were allegedly stolen, who benefitted from such theft and who organised and collaborated in this”.
Clarke said the probe will also seek to identify whether assets have been acquired with the proceeds of this fraud, in Jamaica or overseas.
“If and when such assets are identified all legal steps will be taken to restrain these assets with intention of full forfeiture,” he pointed out.
The minister said that having spoken to those leading the investigations “I can say that they are resolute and determined to unravel its complexities and bring all responsible to justice”.
Clarke further informed of his intention to write to international partners, who have traditionally provided support to FID and other law enforcement agencies, to specifically request the assistance of international forensic auditors to help unravel the 13-year fraud.
“[This] is so that we can bring to justice, all perpetrators and all co-conspirators,” he said.
The fraud at SSL went undetected for over 13 years between 2010 and 2023.
Clarke noted that despite the unfortunate development, Jamaica’s financial sector remains strong.
