Finance minister, Dr Nigel Clarke, says the Financial Investigation Division, FID, and the Fraud Squad of the Jamaica Constabulary Force, have sought the help of US law enforcement agency the Federal Bureau of Investigation, FBI, to assist them in the multi-million USD fraud scandal rocking Stocks and Securities Limited, SSL.

Dr Clarke was giving a policy address to the media moments ago.

Dr Clarke assures the nation that the government will get to the bottom of this. He says the government has asked internal forensic auditors to help them unravel the 13 years of alleged fraud at the SSL and will tighten the financial sector’s regulations.

He says the leadership of the SSL exonerate themselves as executives/managers must account their stewardship of the investment firm.

Dr Clarke revealed that the Financial Services Commission, FSC, put the SSL under enhanced monitoring in June 2022.

He says the FSC’s institutional approach of rehabilitation for delinquent entities cannot continue. As attempts are made to answer the question of “How did this alleged fraud go undetected for 13 years between 2010-2023 with external auditors?” Dr. Clarke says Jamaica’s central bank will become overall regulator for the financial sector.