Feb 2007 Financial News

NCB charged with breaches of Money Laundering Act

Feb 09, 2007

The Financial Investigative Division has charged the National Commercial Bank (NCB) with breaches of the Money Laundering Act after investigators discovered suspicious financial transactions in the account of accused drug dealer Norris 'Deedo' Nembhard.

The financial institution, represented by attorney Garth McBean, appeared at the Corporate Area Resident Magistrate's Court yesterday after being notified of the charges three days ago.

The bank was slapped with the charges after police received reports that major players in a drug cartel had recruited a worker at the bank to assist them in laundering cash allegedly accrued from drug running.

The police say the bank made no report of lodgments, withdrawals and transfers which were way above the financial threshold.

Allegations are that Nembhard lodged and withdrew US$27 million in several different transactions in 2003 without any of them being reported to the relevant authorities.

Under Jamaican financial law, any transaction over US$50,000 must be reported to the authorities. The penalty for failing to report each transaction could result in a fine of up to $400,000.

Nembhard, former police corporal Herbert 'Scarry' Henry, Robroy 'Spy' Williams, Vivian Dalley, Glenford Williams, Leebert Ramcharan, Colombian national Faustino Archibald, Dennis Petagay, and Adrian Armstrong a Montego Bay Cambio dealer, are now locked up at the New Horizon Remand Centre in Kingston after being ordered extradited by the local court on drug trafficking charges. All have appealed the extradition order.

Nembhard and Ramcharan were described by United States president George W Bush as drug kingpins in 2004.

KARYL WALKER,
Observer staff reporter
The Jamaica Observer
Friday, February 09, 2007
http://www.jamaicaobserver.com/news/html/20070208T230000-0500_118918_OBS_NCB_CHARGED_WITH_BREACHES_OF_MONEY_LAUNDERING_ACT.asp