Senate Debates Amendments to Companies Act

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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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Abka Fitz-Henley is a multiple award-winning journalist who is currently the Senior Reporter at Nationwide News Network (NNN). His primary areas of focus are Court, Crime and Parliamentary proceedings. Fitz-Henley was recently recognized in the regional celebrity magazine publication Panache as “The Breaking News Boss”. At 21 years of age, following his 1st year in media, Fitz-Henley was recognized with the Young Journalist of the year award from The Press Association of Jamaica and went on to cop one of the country’s highest recognized journalism prizes, the Journalist of the Year Award. He’s also been awarded the prestigious Corporate Jamaica Broilers Fairplay 1st place Award for investigative journalism and is the recipient of the Caribbean Blog Award for coverage of the infamous Kartel murder trial. Fitz-Henley is also the recipient of the PM Youth Award for Excellence. Over the years, he has appeared as a guest on the BBC World Service and BBC London.