The Senate is now debating a bill to amend the Companies Act of Jamaica geared at improving transparency in the process of regulating firms.
The bill proposes to require foreign companies to have their central management in Jamaica to maintain ownership information.
Leader of Government Business in the Senate, Kamina Johnson Smith, opened debate this morning.
She told the Senate the bill also requires information on holders of share warrants, and prohibits the issuance of such warrants.
Johnson Smith says the bill also seeks to amend the Companies Act to ensure that its provisions conform with the international obligations of transparency, accountability and good governance.
Meanwhile… Opposition Spokesman on Justice, Senator Mark Golding, says the passage of amendments to the companies act is important in the fight against money laundering.
The bill was approved two weeks weeks ago in the lower house where it was piloted by Industry Minister, Karl Samuda.
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