67 businesses facing removal from Register of Companies
Published:Wednesday | January 17, 2024 | 9:39 AM
Sixty-seven companies are facing removal from the Companies Office of Jamaica's (COJ) Register of Companies for failing to file mandatory beneficial ownership information under new anti-money laundering rules.
The COJ says these companies failed to comply with two notices sent to their registered offices in June 2023 and July 2023 with the requirement to comply by September 2023.
Subsequently, publication of the first removal notices in the newspaper followed on October 15, 2023, November 5, 2023, and December 31, 2023, as required by the Companies Act.
Following these publications and the companies' failure to update their records, the COJ is empowered to remove the companies after 90 days have passed.
The COJ says companies listed in the first removal notice were removed on December 29, while companies included in the November 5 and December 31 advertisements will be removed by the end of January and March if there is no compliance.
These companies are among the first batch facing removal under Section 377F of the Companies Amendment Act 2023. The COJ says the companies being removed have not provided the required information from 2017.
Delinquent companies face fines of up to $5 million for not filing beneficial ownership information but they may also be struck from the Register of Companies.
Shellie Leon, CEO and Registrar at the COJ notes that “the Agency's Anti-Money Laundering and Counter Financing Terrorism Unit has issued 810 notices to delinquent companies in Jamaica to gain compliance. We have been getting correspondence from some of these companies indicating their willingness to comply and we are working to facilitate these entities as best as possible.”
“It is not a matter of going after businesses, but we must begin to operate in and create a culture of compliance and transparency. Where there is non-compliance, we are required by the legislation to remove these companies from the Register of Companies," she adds.
Follow The Gleaner on X and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.