FINANCIAL INSTITUTIONS which fail to comply with a court order under the Proceeds of Crime legislation to pay money, held by clients, believed to be illegal gains from criminal activities, to the Assets Recovery Agency could be slapped with fines amounting to $1,000,000.

The Jamaica Bankers' Association, which represents commercial and merchant banks, says the fines are too exorbitant. Member of
the association, Jennifer Dewdney Kelly, who made a presentation to the committee reviewing the Proceeds of Crime Bill in Parliament last week, told the legislators that the fines were too high.

Mrs. Dewdney Kelly also suggested a minimum of seven days for a financial institution to make the required payment, after a forfeiture order is made by a Resident Magistrate's Court.

She also recommended that the law provide a minimum of 21 days notice to persons (including banks) with an interest in an application for a forfeiture or pecuniary order, instead of the 14 days proposed in the bill.

The association is expected to continue its presentation to the Joint Select Committee when it next meets to deliberate on the bill.