3 Charged in MoBay for Illegal Foreign Exchange Operations

Three Chinese nationals have been arrested and charged in St James for illegal foreign exchange operations.

The Financial Investigation Division (FID), Counter-Terrorism and Organized Crime Investigation Division (C-TOC) and the Major Organized Crime and Anti-corruption Agency (MOCA) carried out the operations on Friday morning, June 12, in the Montego Bay business district, targeting illegal foreign exchange operations.  According to a statement from the Finance Ministry, the operations were carried out after long investigation.

The team arrested and charged three Chinese nationals for breaches of Section 22 of the Bank of Jamaica Act. Those charged are Shiyue Zhou, 36-year-old businesswoman and operator of HTC Wholesale; JieQung Zhou, 27-year-old cashier and Ximei Wong, 42 years old.

The release said the FID is “resolute in the fight against the underground money exchange economy which provides an avenue for money launders to go undetected and also artificially distorts the official exchange rate.”

Mr. Selvin Hay, Chief Technical Director of the FID is reminding persons that it is illegal for anyone to engage in the trading of foreign currency without a license issued by the Bank of Jamaica.

The persons charged were offered station bail in the sum of $300,000 and they will appear before the St James Parish Court on July 1, 2020.

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