Tuesday, March 8, 2011

Unclaimed Property in the Caribbean (Part III) - The Jamaica Banking Act

We've discussed unclaimed property laws in the Caribbean a few times (see here and here ), and now we add Jamaica to the list.  As noted in a recent article published by the Jamaica Information Service, "[t]housands of unclaimed bank balances amounting to millions of dollars, with sums in these accounts ranging from nearly $2 million to just over $500, are to be remitted to the revenues of the government."

Under the Jamaica Banking Act, banks are required to annually report all outstanding checks, drafts, and debts of the bank that have been outstanding for 7 or more years and all dividends remaining unpaid after 5 years.  The banks are permitted to retain custody of the property for 15 years.  Thereafter, the Minister of Finance is to publish notice of the abandoned assets, and after one year the property "shall lapse to and become part of the revenues of Jamaica."

31 comments:

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    M

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