Jamaica Observer column published MON 2 October 2023
by Jean Lowrie-Chin
With the Companies (Amendment) Act 2023 which came into being on April 1st of this year, all companies, including small and medium enterprises (SMEs) are now faced with stricter requirements. They are mandated to 'appoint an officer who shall be responsible for conducting verification of Beneficial Ownership information', to confirm the location of such documents and would be liable for fines of up to J$5 million if such arrangements are not put into place.
Attorney-at-Law Camille Facey of FaceyLaw and Chair of the PSOJ Governance Committee, explained that these amendments "were made in accordance with the recommendations of the Financial Action Task Force (FATF), as Jamaica was in danger of being blacklisted by the FATF. The main revisions relate to the beneficial ownership of companies."
The FATF comprises 20 countries which, on inspection of countries' activities in money laundering and terrorist financing, will rate their status. Jamaica is on the FATF 'grey list', and we are 'blacklisted' by the UK and EU. In order to protect our country's status, it is said that the amendments were made hurriedly, derived from international legislation and not wholly suited for domestic application. There are now appeals to make further amendments.
Camille Facey shared important points from the current amendments: "Every company must:
• keep documents relating to members/ beneficial owners for not less than 7 years.
• notify the Companies Office of where the Register of Members is kept.
• notify the Registrar of Companies of any changes to the beneficial ownership information, the Register of Members or registered office within 14 days of the change.
• record the measures taken to verify beneficial ownership information as well as any supporting documents used in the verification process.
The powers of the Registrar have also been expanded to inspect companies and verify beneficial ownership information."
There have been appeals from MSEs to reduce fines and licensing fees, as these may not only drive them out of business, but also may be a deterrent for the creation of new businesses.
Camille Facey recommends that company officers acquaint themselves with the amended legislation by reading the following on the Companies Office website:
COJ's Beneficial Ownership Hub: https://www.bohubjamaica.com/
COJ's Beneficial Ownership Booklet: https://issuu.com/cojadvisory/docs/beneficial_ownership_new_2_
COJ's Presentation on the Companies (Amendment) Act 2023:
https://www.bohubjamaica.com/_files/ugd/f4ad2c_5a7575773cd6432f8d28499f85f0b20d.pdf
Many thanks to her for her guidance as she reminds, "there is still liability, whether directors/ officers /employees are not aware; have nothing to do with the collection of information or have taken reasonable steps to ensure compliance."
Marubeni-UWIDEF Scholars shine
Marubeni Power International in collaboration with the UWI Development and Endowment Fund (UWIDEF) awarded scholarships to five students pursuing Engineering degrees at the University of the West Indies Mona campus: Brianna Smith, Daniel McGregor, Martin McDonald, Dwight Simpson and top performer Rochelle Stephen.
At last Wednesday's presentation ceremony, Managing Director of Caribbean Operations for Marubeni Power International Mohamed Majeed praised the exceptional quality displayed by the five recipients. "We commend your accomplishments thus far and anticipate the impact you will undoubtedly have as you progress both academically and in your future careers," he said.
His Excellency Yasuhiro Atsumi, Japanese Ambassador to Jamaica, in his address,
said all Japan stood in support of the development efforts of the Jamaican Government
and people for continued progress. He said he looked forward to many more acts of support for Jamaica's development both on the part of Marubeni as well as the Government of Japan.
Reynold Scott, Board Director of UWIDEF urged the students to continue to excel, adding that programmes such the scholarship presentation are at the heart of the Fund's function.
Responding on behalf of the quintet, Rochelle Stephen noted the "life-changing" nature of the scholarship. Rochelle, dressed in black, had lost her mother just a few days after she was notified of her success earlier this year. We wish this brave young lady and her colleagues continued success.
Memorable events
The beautiful Temple of Light was the venue for their seventh annual "Poetry, Prose & Rhythms in the Garden." Michael Reckord's 'Brief Walk Down Memory Lane' captured the highlights of the previous events. Hosts Dr. Lilieth Nelson and Hanief Lallo guided us through the rich programme featuring poets Dr Michael Abrahams, Rev Michele Synegal and Neto Coard; amazing cellist Emily Elliott and a band that could play on any big stage, Sebastian Miller and Friends. We were charmed by the little ones, showing off in 'Playing with Fashions'. It was good to see Professor Edward Baugh and Professor Mervyn Morris, ever supportive of our arts and culture.
Last Friday members of the Chinese Cultural Association (CCA) celebrated the Moon Festival at which guest speaker was Dr. Lei Feng, Chinese Director of the Confucius Institute, UWI, Mona. He shared the legend of the Moon Festival and both English and Chinese poetry evoking the romance and mystery of the moon. We were greeted by President Set Yoon Smith, past president and Jamaican Nobel Laureate Professor Anthony Chen, and Secretary Professor Ronald Young. The evening brought back fond memories of late President Dr Kai Meng Lui.
The membership of the CCA comprises Jamaicans of all ethnicities.
Jean Lowrie-Chin is Executive Chair of PROComm, PRODEV and CCRP
Photo captions
1. Attorney-at-Law Camille Facey
2. Top Marubeni Scholar Rochelle Stephen and fellow Scholar Daniel McGregor (left) in conversation with Mohamed Majeed (2nd right), Managing Director of Caribbean Operations for Marubeni Power International and Damian Obiglio, Senior Vice-President, Marubeni Power International.
No comments:
Post a Comment