NCB money laundering case continues

Lawyers for the crown are expected to give closing arguments when the money laundering case involving the National Commercial Bank (NCB) continues this afternoon in the Corporate Area Criminal Court.



NCB is being prosecuted because its Linstead Branch failed to report within the prescribed period, a transaction amounting to more than US$50,000.



Court documents indicate that St. Ann Businessman Noris ‘Deedo’ Nembhard made the transaction.



Nembhard is one of six persons designated “drug kingpins” by the United States.



The Financial Investigations Division (FID) said NCB acted in breach of the Money Laundering Act.



The Act requires banks to report all cash transactions above US$50,000 to the FID.



NCB confirmed that the transactions occurred on Nembhard\'s accounts at one of its branches over a period of eight months in 2003.



However, in its defence NCB said when the transactions were discovered it took disciplinary action against the employees involved.



The bank said it also filed the requisite reports based on information available at the time.



However, investigators said the bank only filed the reports after they began probing the financial accounts of Nembhard and his family.



The bank is trying to make the case that there is no set time line under the Act, which requires the bank to report on the transactions, therefore they cannot be held liable.