Jamaica Gleaner
Illegal transfers difficult to monitor - Eaton
Published: Sunday April 12, 2009
That is no problem for the scammers in St James which has 42 money transfer agencies
MONITORING THE complex and sometimes overwhelming Montego Bay lottery scam is not a simple task for remittance companies and their agents.
Read the whole article here.
Snippet(s):
"By law, the companies are required to report any transaction that they deem suspicious to the Financial Investigation Division as well as to their head office.
Suspicious transactions include any unusual rise in remittances going to any particular agency or parish.
Remittance services and money transfer companies, like other financial institutions, are governed by the Proceeds of Crime Act which places a reporting threshold of US$5,000 on any transaction with these agencies."
"Using multiple collection outlets is no problem for the scammers in St James which has 42 money transfer agencies most of which are in Montego Bay."
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"The scammers use a number of methods to collect their money, including using multiple receivers and having the money wired through relatives and friends to ease suspicion. "
