Insurance premium financing and short term loan entity, Alliance Finance Limited, AFL, says to the best of its knowledge, it’s currently in good standing with all Government of Jamaica financial guidelines and regulations.
The assurance from AFL comes following a move by investigators on Thursday to lay charges on the company.
In a statement which was issued on Thursday night, AFL disclosed that the company was charged by investigators from the Financial Investigation Division, FID.
The entity stated that the FID charged it with breaching Section 22(a) of the Bank of Jamaica Act and Section 10 of the Banking Services Act when it disbursed loans including insurance premium finance facilities in US dollars.
It’s understood the transactions, which led to the charges, were allegedly conducted between 2009 and 2013.
AFL also revealed that its non-Executive Directors, Peter and Robert Chin, are to appear in the St. Andrew Parish Court on December 16, 2021 to answer to the charges on behalf of the company.
The statement from the company also quoted prominent attorney, Queen’s Counsel Tom Tavares-Finson, who’s acting on its behalf as stating that AFL remains committed to resolving the matter amiably via the court and ensuring that justice prevails.
Mr. Tavares-Finson says AFL will therefore limit their comment until the relevant processes are engaged.
Queen’s Counsel Tavares-Finson says the transactions which AFL have been charged regarding are not unusual considering what he noted up until recent years was considered financial best practice both across Jamaica and the region.
Mr. Tavares Finson revealed that following an internal review process, when concerns about the transactions were raised a few years ago, AFL immediately alerted the BOJ.
The leading attorney says the company also took steps to ensure that the entity remains in good standing with all relevant Government of Jamaica rules and regulations.
AFL is a lending company which primarily has as its core business insurance premium financing and short term loans.
AFL highlighted in its statement that it operates independently of any other entities which the non-Executive Directors are associated with.