“NATIONAL COMMERCIAL BANK OF JAMAICA CHARGED WITH MONEY LAUNDERING”   

FROM THE -
JOURNALS of Monte Friesner ~ Monday December 20, 2010 >

Financial Crime Consultant for WANTED SA > 

WANTED SA has learned today that the Jamaican-based National Commercial Bank, owned largely by the AIC Group, has been charged with breaching the island’s Money Laundering Act.

Police slapped NCB with the charges after they claim they received reports that alleged drug barons, including Norris 'Deedo' Nembhard, were apparently using a worker at the bank to launder cash.

Investigators of the country’s Financial Investigative Division say after a two-year inquiry, they found suspicious transactions regarding Nembhard’s account, including no report of entries, transfers or withdrawals of cash totaling US$27 million. The alleged transactions date back to 2003.

Jamaica’s laws stated that any transaction over US$50,000 must be reported. NCB’s capital base, according to its website, is one of the largest in Jamaica. The company this month reported making “unprecedented strides in firmly positioning itself as Jamaica’s premier financial services institution.” NCB posted record profits of $1.5 billion in the first quarter of the financial year, which ended December 31, 2006 compared to $1.1 billion for the corresponding period of the previous year.

Nembhard is dubbed as a drug kingpin by the US. He was arrested on April 22, 2004 for allegedly trafficking drugs to the US and is awaiting extradition.

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