Tougher trade-based financial crime regulation coming soon to Jamaica

New customs legislation that aims to curb trade-based financial crime and improve revenue collection has been tabled in the Jamaican parliament.

The Customs Act (2019) has retained some of the substantive provisions of existing laws, but incorporates several new provisions geared towards trade facilitation and international best practices.

Risk-based compliance and selectivity in customs processing and treatment also feature in the new act.

Trade-based financial crime

Types of trade-based financial crime specifically contemplated in the new act include under-invoicing while customs officers will have more authority to prevent smuggling.

The Customs Act (1941) remains in effect law until the new legislation goes through the required parliamentary processes and is passed and gazetted.


The Customs Act (2019) specifies fines for traders who make false declarations or falsify material information.

Any person found in breach of the legislation related to misdeclaration or document falsification is liable to a penalty not exceeding 500,000 Jamaican dollars (US$3,700) or treble the value of the goods to which the offence relates, whichever is the greater.

Categories: Trade Based Financial crimes News

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