Jamaican banking reform bill expected to pass in May

Jamaica's banking services bill is expected to pass in May.

In a report, local daily The Gleaner said the bill will amend and consolidate the country's banking act, financial institutions act and prudential regulation provisions of the building societies act.

The bill is intended to mitigate risk in the Jamaican financial system by integrating the prudential standards across banking institutions, consolidating supervision of financial conglomerates, improving regulatory sanctions and designating Bank of Jamaica (BOJ) as chief police of the financial system with operational independence and increased powers.

Legislation was to be enacted by March 31, as part of the International Monetary Fund (IMF) agreement, though it received a two-month extension.

Two companion measures, the financial services commission act and the BOJ act, will also be enacted with the bill.

Click here to see an online version of the bill.