Alliance Finance pleads guilty to financial crimes | News

Alliance Finance pleads guilty to financial crimes |  News

Additionally, Alliance Investment was charged with failure to file threshold transaction reports as mandated under the Proceeds of Crime Act for transactions of, or exceeding, US$15,000 (or its equivalent in any other currency) to the Financial Investigations Division (FID).
Robert and Peter Chin are jointly charged for alleged breaches of the Banking Services Act for accepting deposits without the requisite licence from the BOJ relating to a series of deposits in excess of US$7.5 million over a three-year period from 2014 to 2017.
Today, the court was told that, based on the Alliance Finance plea agreement, the case against the accused men in their personal capacities will be dealt with by the prosecution.

Businessmen Peter Chin and Robert Chin, the principals of Alliance Financial Limited (AFL) and Alliance Investment Management Limited (AIML), are facing several charges for alleged breaches of the Bank of Jamaica (BOJ) Act, the Banking Services Act and the Proceeds of Crime Act.
The plea is in relation to offences connected to the lending of monies and accepting deposits without authorisation.

Alliance Financial and Peter Chin were charged with carrying on the business of lending foreign currency without being an authorised dealer in relation to more than 20 foreign currency loans, totalling approximately US$8 million, to various entities.
When the matter was called up this morning, Robert Chin, one of the principals of Alliance Finance Limited, entered the plea on the company’s behalf.

– Andre Williams 
Follow The Gleaner on Twitter 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.
The accused men are being represented by attorney-at-law Tom Tavares Finson.

The case against Alliance Investment is also proceeding and is to also be heard on March 3.
The Chins, who are non-executive directors of both Alliance Finance and Alliance Investment, had their bail extended to return to court on March 3, when the matter will be heard.

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