Opposition wants engagement of overseas experts to help track missing SSL funds

The Opposition People's National Party is calling for the Government to urgently engage international forensic expertise to help the local authorities trace and recover money missing from customers' accounts at fraud-hit Stocks and Securities Limited (SSL).

It says forensic accounting and cybersecurity expertise should, specifically, be engaged. 

"This must be done now to ensure that funds stolen from customers of SSL can be traced and recovered from wherever they may be, and to restore the reputation of Jamaica's financial sector which has been tarnished by the massive and prolonged fraud at SSL," a media release from the Opposition said. 

In the meantime, the Opposition wants the auditor general to conduct a special audit of the operations of the Financial Services Commission (FSC). 

"The purpose of this audit would be to determine the effectiveness and propriety of the decision-making functions and conduct within the FSC in carrying out its statutory mandate. This should include examining the relationship between staff and the Board in relation to the regulatory performance of the entity," it said.

The Opposition says its call is being made against the background of the apparent inaction of the FSC in addressing issues at SSL after its own damning 2017 report which highlighted widespread irregularities at SSL. 

"The audit should make recommendations about the appropriateness and competency of the FSC's past and present board of directors, and the adequacy and appropriateness of the FSC's staffing and technical expertise, with the aim of ensuring that the FSC is carrying out its regulatory oversight functions effectively with respect to the non-deposit taking financial sector," the Opposition continued.

The Opposition says the public needs to know:

• What recommendations were made by the FSC for implementation by SSL after the 2017 report?
• Were these recommendations implemented?
• Were there follow-up audits of SSL by the FSC to ensure compliance with the directions issued?
• Were actions recommended by the staff of the FSC that were not supported by its Board?
• Why did the FSC fail to take appropriate regulatory enforcement measures in a timely manner given SSL's history of serious breaches, within the context of actions taken against other entities where breaches were identified?

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