Bank of Jamaica to regulate non-bank sector after fraud scandal
Central bank takes over from commission after alleged crime that targeted Usain Bolt
Jamaica’s finance minister announced on January 23 that the central bank would take over the regulation of non-bank financial institutions.
Finance minister Nigel Clarke said the central bank would become sole financial regulator, taking over some of the duties of the Financial Services Commission of Jamaica. He said the government would create another body that would manage “market conduct and consumer protection regulation”.
As an interim measure, he placed senior central bank officials in
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