Jamaica International Financial Services Authority Act

Link to law: http://www.moj.gov.jm/laws/jamaica-international-financial-services-authority-act
Published: 2011-05-09

JAMAICA INTERNATIONAL FINANCIAL
SERVICES A UTHORITY

THE JAMAICA INTERNATIONAL FINANCIAL
SERVICES AUTHORITY ACT

ARRANGEMENT OF SECTIONS

PART I . Preliminary

1 . Short title.

2. Interpretation. .
PART 11. Establishment and Functions of Authority

3. Establishment of Authority.

4. Object of Act.

5. Functions of Authority.

6. Delegation of certain functions.

-7. Ministerial directions.

PART 111. Administration

8. Appointment of Chief Executive Officer, other officers and
employees.

9. Delegation of powers by Chief Executive Officer.

10. Pensions, gratuities and other retiring benefits.

1 1. Obligation to secrecy.

12. Disclosure of information in certain circumstances.

13. Protection of members of Authority.

14. Minister may amend monetary penalties.
. ..

PART IV. Miscellaneous

IS. Regulations.

- ,.Schedule.. . -

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J A M ICA INTERNA TIONAL FINANCIAL
SER VICES A UTHORITY

THE JAMAICA INTERNATIONAL FINANCIAL ~ c t
SERVICES AUTHORITY ACT 100r2011.

[9th May, 201 1.1

PART I. Preliminary

1. This Act may be cited as the Jamaica International Finan- short title.
cia1 Services Authority Act.

2. In this Act, except where the context otherwise Interpreta-
requires- lion.

"Authority" means the Jamaica International Financial Ser-
vices Authority established by section 3;

"chairman" means the chairman of the Authority, appointed
under'p&agraph 4 of the Schedule; Schedule.

"Chief Executive Officer" means the Chief Executive Officer
of the Authority, appointed under section 8(1);

"document" includes, in addition to a document in writing-

(a) any map, plan, graph or drawing;

(b) any photograph;

(c) any disc, tape, sound track or other device in which
. sounds or other data (not being visual images) are

embodied so as to be capable of (with or without the
aid of some other equipment) being reproduced
therefrom; or ' ,

(4 any film (including microfilm), negative, tape or
other device in which one or more visual images are
embodied so as to be capable (with or without the
aid of some other equipment) of being reproduced
there form;

"financial institutions" means-

(a) a bank licensed under the Banking Act;

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JAUAICA INTERNATIONAL FINANCIAL
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(bi a company-

(i) licensed under the Financial Institutions
Act; or

(ii) registered under the.Insurance Act;

(c) a building society registered under the Building
Societies Act;

(4 a society registered under the Cooperative Societies
Act;

(e) a person licensed under the Securities Act as a dealer
or investment advisor;

V) an individual or entity licensed by a foreign regu-.
lator;

(g) any other declared by the Minister, by order subject
to affirmative resolution, to be a financial institution
for the purposes of this Act;

"financial regulator" includes-

(a) the Bank of Jamaica;

(b) the Financial Services Commission; and

(c) any other person who regulates the provision of
international financial services in Jamaica;

"foreign regulator" means a supervisory authority in a
country other than the Jamaica which has super-
visory duties and responsibilities-

(a) with respect to any. person who or body that is
incorporated in and provides international financial
services in that country; and

(b) which are similar'to the duties and responsibilities •
of the Bank of Jamaica and the ~ i n a n ~ i a l Services
Commission;

"functions" includes powers and duties;

"international financial servicev-

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(a) includes any business activity consisting of-

(i) the formation or management of inter-
national business companies;

(ii) the formation and management of off-
shore trusts;

(iii) offshore banking;

(iv) international insurance;

(v) international asset protection and man-
agement;

(vi) international collective investments; or

(vii) such other business activity as may be
prescribed by the Minister by order as an
international financial service, being an
activity in Jamaica, involving the provi-
sion of financial services that is carried
on-

(A) exclusively with persons not
resident in Jamaica; and

(B) in currency other than the
currency of Jamaica; but

(b) does not include-

(i) banking business carried on by a bank
licensed under the Banking Act; or

(ii) the business of accepting deposits carried
on by a financial institution licensed under
the Financial Institutions Act,

for or on behalf of a person who is domiciled or
ordinarily resident in Jamaica.

PART 11. Establishment and Functions of Authority
3.-(1) There is established for the' purposes ,of this Act a Establish- ,

body to be called the Jamaica International Financial Services :%:&,
Authority.

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(2) The Authority shslll be a body corporate to which
section 28 of the Interpretation Act applies.

Schedule. (3) The provisions of the Schedule shall have effect
as to the constitution and procedure of the Authority and other-
wise in relation thereto.

Object of 4. The object of this Act is to foster the development of
Act. an international financial services sector in Jamaica that-

a
(a) meets international standards of supervision and regu-

lation;

(b) is commercially viable so as to promote economic
growth;

(c) creates diversification of the economic base; and

( 4 increases opportunities for employment.

Functions of 5 - 4 1 ) The functions of the Authority shall be to- .
Authority.

(a) market and promote Jamaica as a . centre for inter-
national financial services;

(b) enhance the reputation of Jamaica as a centre of excel-
lence for the provision of international ' financial ser-
vices, and to promote the maintenance of this reputa-
tion;

(c) promote the adoption and maintenance of international
standards of the competence, efficiency ,and competi- .
tiveness in the provision of international financial ser-
vices;

( 4 promote compliance with'supervisory and regulatory
standards for the conduct of international financial ser-
vices, including standards for the curtailment of the

a
funding of terrorist activities and the prevention of
money laundering;

(e) promote public awareness and understanding of issues
relating to international financial services;

V) make recornrnendations-

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(i) where necessary, for legislative changes
relating to international financial services;

- (ii) for the creation or improvement of any
facilities likely to enhance the attraction of
Jamaica as a centre of excellence for the
provision of international financial ser-
vices;

(g ) establish. procedures and develop, implement and
monitor a national plan and other plans and pro-
grammes relating to international financial services;

(h) advise the Minister on matters of general policy
relating to international financial services in
Jamaica; and

(i) perform such other functions as may be assigned to
it, from time to time, by the Minister or by or under this
Act or any other enactment.

(2) In performing the functions set out in subsection (I),
the Authority may-

(a) conduct seminars and provide appropriate training
programmes and consulting services, and gather and .

disseminate information relating to international finan-
cial services;

(b) conduct research and commission studies, as necessary,
to support the strategic development of inter-
national financial services in Jamaica;

(c) collect, store and disseminate on a continuous basis,
reliable and timely information on the trends of
international financial services in Jamaica;

(4 impose fees and introduce other cost recovery
measures for services provided by or on behalf of
the Authority; and

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(e) do anything or enter into any arrangement which, in the
opinion of the Authority, is necessary to ensure the
proper performance of its functions.

(3) In this section-

"terrorist activity" shall be constructed in accor-
dance with the Terrorism Prevention Act;

"money laundering" shall be cdnstructed in ac-
cordance with Part V of the Proceeds of
Crime Act.

Delegationof 6.+1) The Authority may by instrument in writing, dele-
certain func-
tions. gate any of its fimctions under this Act (other than the power of

delegation or the power to make regulations) to any member,
officer or agent of Authority.

(2) Every delegation under subsection (1) is revocable
by the Authority and the delegation of a fimction does not
preclude the performance of that function by the . Authority. .

Ministerial 7. The Minister may, after consultation with the chairman,
directions. give to the Authority directions of a general character as to

the policy to be followed by the Authority in the performance of
its functions, as, appear to the Minister to be necessary'in the
public interest, and the Autliority shall give effect to the direc-
tions.

PART 111. Administration

Appointment 8.+1) Subject to subsection(5), the Authority may appoint
of Chief Exe-
cutive Off~cer, and employ at such remuneration and subject to such terms and
otherofficers conditions as it thinks fit, a Chief Executive Officer, a secretary
and ernploy-
ees. and such other officers and employees as it thinks necessary for

the proper carrying out of its functions.

(2) The Chief Executive Officer shall be responsible for
the day-to-day management of the Authority.

(3) The Chief ~xechtive Officer shall hold office for a
period not exceeding three years and may be re-appointed for

-

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periods not exceeding three years at a time.

(4) The Governor-General may, subject to such condi-
tions as he may impose, approve the appointment of any public
officer in the service of the Government to any office within the
Authority, and any public officer so appointed shall, while so

a employed, in relation to any pension, gratuity or other allowance and in relation to any other rights as a public officer, be treated
as continuing in the service of the Government.

(5) Except with the prior approval of the Minister, no
salary in excess of the prescribed rate shall be assigned to any
post and no appointment shall be made to any post to which a
salary in excess of the prescribed rate is assigned.

(6) In this section-

"prescribed rate" means such rate as the Minister may, by
order, prescribe;

"Minister" means the Minister with responsibility for the
public service.

9.-41) The Chief Executive Officer may by instrument in Delegation
writing, with the approval of the Minister, delegate any of the ' :;F:i
functions conferred on him by or under this' Act 'to a person spe- Executive
cified in the instruinent of delegation. Officer.

(2) A delegation under subsection (1) shall not prevent
the performance of the functions delegated or any other function
by the Chief Executive Officer.

10. The Authority may, with the approval of the Minister- Pensions,
gratuities and

(a) enter into arrangements respecting schemes (whether other retiring
benefits. by way of insurance policies or otherwise); or

(b) make regulations,

for pensions, gratuities and other retiring, disability or death . ,

benefits relating to officers and employees of the Authority
and such arrangements or regulations may include provisions
for the grant of benefits to the dependants and legal personal

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I: representatives of such officers or employees.
Obligation
to secrecy.

11.-(1) Every member of the Authority or other person
having an official duty or being employed in the administration
of this Act shall-

(a) regard and deal with as secret and confidential all
information, records or other documents, obtained in
the course of his duties under this Act, relating to
the operations of a body engaged in international
financial services; and

(b) make and subscribe a declaration to that effect before
a Justice of the Peace.

(2) Every person referred to in subsection (1) having
possession of or control over any information, records or other
documents, commits an offence if, at any time he communicates
or attempts to communicate such information or anything con-
tained in such information, records or other documents, to any
person-

(a) other than a member, officer or4employee of Authority
or other person to whom he is authorized in writing
by the Authority to communicate it pursuant to any
other law; or '

(b) otherwise than for the purposes of this Act.

(3) A person who is convicted of an offence under sub-
section (2) is liable on summary conviction in the Resident
Magistrate's Court to a fine not exceeding one million dollars
or to imprisonment for a term not exceeding twelve months
or io both such fine and imprisonment.

(4) Where the Authority has consented to the commun-
ication to any person of any information obtained in the course
of its administration of this Act, that person shall-

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(a) regard and deal with such information as secret and
confidential; and

(b) make and subscribe a declaration to that effect before a
Justice of the Peace.

(5) A person referred to in subsection (4) who at any
time communicates' or attempts to communicate any information
referred to in that subsection to any person, otherwise than
for the purposes of this Act, commits an offence and is liable
on summary conviction in a Resident Magistrate's Court to a
fine not exceeding one million dollars or to imprisonment for
a term not exceeding twelve months or to both such a fine
and imprisonment.

12.-(1) Notwithstanding section 1 1, the Authority may dis- Disclosure of
close information in any of the following circumstances- information in certain

circumstances. (a) if ordered by a court for the purposes of civil
proceedings;

(b) on the prior written request of the Minister to-

(i) the Assets Recovery Agency established un-
der section 3 of the Proceeds,of Crime Act, to
facilitate the investigation of an offence under
that Act;

(ii) any one or more of the authorities prescribed
pursuant to subsection (2) and specified in the
request, to facilitate the investigation of any
criminal offence;

(c) with the prior written approval of the Minister, to a
foreign regulator or a multilateral organization in accor-
dance with regulations made under. section 18 of the
Financial Services Commission Act;

(6) to the Solicitor-General, in his capacity as a member
of a committee convened to facilitate coordination
among financial regulatory agencies under section 16
of the Financial Services Commission Act.

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( 2 ) The Minister may prescribe by order, subject to
affirmative resolution, the authorities to which information
may be disclosed for the purposes of subsection ( l ) (b)( i i ) .

Protection 1 3 . - ( 1 ) No member of the Authority shall be personally
of members
of Authority. liable for any act or default of the Authority done or omitted

to be done in good faith in the exercise of any power, or in
the performance of any function, conferred or imposed by or un-
der this Act.

Minister may
amend
monetary
penalties.

Regulations.

( 2 ) Where any member of the Authority is exempt
from liability by reason only of the provisions of this section,
.the Authority shall be liable to the extent that it would be if the
said member were an employee or an agent of the Authority.

14. The Minister may, by order, subject to affirmative
resolution, amend or vary any monetary penalties prescribed
in this Act.

PART IV. Miscellaneou~

1 5 . - ( 1 ) The ~ i n i s t e r may, after cdnsultation with the
Authority, make regulations generally for the better carrying
out of the purposes or provisions of this Act.

( 2 ) Regulations made under subsection ( 1 ) shall be
subject to affirmative resolution.

(3) Notwithstanding section 29(b) of the Interpretation
Act, regulations made under subsection ( 1 ) may provide in res-
pect of a breach of any of the provisions thereof for the imposi-
tion of penalties on summary conviction in a Resident Magis-
trate's Court of a fine not exceeding one million dollars or im-
prisonment for a term not exceeding twelve months or of both
such fine and imprisonment.

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SCHEDULE (Sections 2 and 3(3))

Jamaica international Financial Service Authoriry

PART I. Constitution and General Procedures

1 . 4 1 ) The Authority shall consist of ex-oflcio members and appointed Constitut~on '

members. of Authority.

(2) The following persons shall be ex-oflcio members of the Autho-
rity, that is to say-

(a) the Governor of the Bank of Jamaica;

(b) the Executive Director of the Financial Services Commission; and

(c) the Solicitor-General.

(3) The appointed members of the Authority shall be such persons,
not less than ten nor more than twelve, as the Minister may appoint, being
persons who appear to the Minister to be appropriate for appointment
under this paragraph.

(4) An ex-oflcio membe; may designate a nominee in the case of
the absence or inability to act of such a member.

2 . 4 1 ) N O person shall be yalified for appointment as a member of D~squal~fication
the Authority who- for appoint-

ment
(a) is a member of the Senate or the House of Representatives;

(6) is a member of a Parish Council, Council of the Kingston and

, "
St. Andrew Corporation or a Municipal Council;

(c) is associated with an entity registered, licensed or otherwise autho-
rized under the laws of Jamaica to provide any international finan-
cial service;

(4 has a direct or indirect proprietary interest in more than five per
cent of any class of shares in an entity described in paragraph (c);
or

(e) has been convicted of an offence involving fraud, dishonesty or
moral turpitude.

(2) For the purposes of this paragraph, a person shall be regarded as
being associated with an entity or other person if the person is-

(a) connected to the entity or the other person in the capacity of a
director, officer, employee, auditor of the entity or other person; or

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(b) an immediate relative of the director, officer, employee or auditor.

(3) In this paragraph "immediate relative" means any of the follow-
ing-

(a) husband or wife;

(b) son or daughter;

(c) father;

(d) mother;

(e) brother or sister.

Temporary 3. The Minister may appoint any person to act temporarily in the place
appointments. of any appointed member of the Authority in the case of the absence or inabi-

lity to act of such member.

Chairman
and deputy
chairman.

Leave of
absence.

Tenure of
office.

4 . 4 1 ) The Minister shall appoint a chairman and a deputy chairman
of the Authority from among the members of the Authority.

(2) In the case of the chairman being absent from or unable to act at
any meeting the deputy chairman shall exercise the functions of the chair-
man, in any case in which the deputy chairman is present at the meeting and
is able to so act.

(3) In the case of the chairman and the deputy chairman being absent
from or unable to act at any meeting, members of the Authority present at the
meeting shall select one of their number to act as a chairman at that meeting.

.5; On the application of any member, the Minister may grant leave of
absence to the member.

6 . 4 1 ) Subject to the provisions of this Schedule, the appointment of
every appointed member of the Authority shall be evideAced by an instru-
ment in writing.

(2) The instrument shall specify the period of office of the member,
which shall not exceed three years. .

(3) Every appointed member of the Authority shall be eligible for
re-appointment.

Resignation. . 7 . 4 1 ) The chairman may, at any time, resign his 'office by instrument in
writing addressed to the Minister.

(2) The resignation shall take effect as from the date of receipt by
the Minister of the instrument.

(3) An appointed member other than the chairman may, at any time,
resign his office by instrument in writing addressed to the Minister and trans-
mitted through the chairman.

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JA MICA INTERNATIONAL FINANCIAL 15
SERVICES A UTHORITY

(4) From the date of the receipt by the Minister of such instrument,
the member shall cease to be a member of the Authority.

8. The Minister may revoke the appointment of any member if the mem- Revocation
ber- of appoint-

ment.
(a) becomes of unsound mind or becomes permanently unable to per-

form his functions by reason of ill health;

(6) becomes bankrupt or compounds with, or suspends payment to,
his creditors;

(c) is convicted and sentenced to a term of imprisonment or to death;

(6) becomes disqualified for appointment by virtue of paragraph 2;

(e) conducts himself in an offensive, disorderly or unprofessional man-
ner which operates to hamper the achievement of the functions of
the Authority;

u> or otherwise, fails to carry out or to carry out in a competent manner
. any of the functions conferred or imposed on him under this Act.
9. The names of members of the ~uthority, as first constituted, and every Publication

change in the membership thereof shall be published in the Gazette. ' of member-
ship.

1 0 . 4 1 ) The seal of the Authority shall be- Seal and
execution of

(a) kept in the custody of the chaimian or the secretary; and . ' documents. . .
(b) authenticated by the signatures of the chairman or any other mem-

ber of the Authority authorized to act in that behalf by the Autho-
rity, and the secretary.

(2) All documents (other than those required by law to be under
seal) made by, and all decisions of, the Authority may be signified under
the hand of the chairman or any member authorized to act in that behalf
or the secretary.

1 1 . 4 1 ) The Authority shall meet at such times as may be necessary Procedureand
or expedient for the transaction of business and such meetings shall be meetings.
held at such places and times and on such days as the Authority may deter-
mine.

(2) The chairman may, at any time, call a special meeting of the
Authority and shall call a special meeting within seven days of the receipt of
a written request for that purpose addressed to him by any two members of
the Authority.

(3) The chairman or, in the, case of his absence or inability to act, the
deputy chairman or person elected in accordance with paragraph 4(3), as the
case may be, shall preside at meetings of the Authority.

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Disclosure
of interest.

J A M ICA INTERNA TIONA L FINANCIAL
SER VICES A UTHORITY

(4) Decisions of the Authority shall be by a majority of the members
present and voting, so, however, that in addition to an original vote the chair-
man, deputy chairman or other member presiding at a meeting shall have an
original and a casting vote in any case in which the voting is equal.

(5) The quorum for meetings of the Authority shall be five or such
higher number as the Authority shall determine.

(6).The minutes of each meeting of the Authority shall be kept in
proper form and shall be confirmed by the chairman as soon as practicable
at a subsequent meeting.

(7) Subject to the provisions of this Schedule, the Authority may
regulate its own proceedings.

(8) The validity of any proceedings of the Authority shall not be af-
fected by any vacancy among the members or by any defect in the appoint-
ment of a member.

, 12. There shall be paid from the funds of the Authority to the chairman,
deputy chairman and other members of the Authority such remuneration
(whether by way of honorarium, salaries or fees) and such allowances, as the
Minister may determine.

13.-(1) A member who is in any way directly or indirectly interested
in a contract made or proposed to be made by the Authority, or in any
other matter which falls to be considered by the Authority, shall disclose -
or cause to be disclosed the nature of his interest at a meeting of the Autho-
rity, and the disclosure shall be recorded in the minutes of the meeting and
the meeting and the member shall not-

(a) in the case of a contract, take part in any deliberation or decision of
the Authority with respect to the contract; and

(b) in the case of any other matter, take part in any deliberation or
decision of the Authority with respect to the matter if the Authority
decides that the interest in question might affect prejudicially the
member's consideration of the matter.

(2) A notice given by a member at a meeting of the Authority to
the effect that he is a member of a specific company, firm or other entity
and is to be regarded as interested in any contract which is made after
the date of the notice with the company, firm or entity shall, for the purposes
of sub-paragraph (I) , be a sufficient disclosure of his interest in relation to
any contract so made.

(3) A member need not attend in. person a meeting of the. Authority
in order to make a disclosure which he is required to m&e under this para-
graph, if he takes reasonable steps to ensure that the disclosure is made by

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notice which is taken into consideration and read at such a meeting.

14. Any summons, notice or other document required or authorized to
be served upon the Authority under the provisions of this or any other
enactment may, unless there is express provision to the contrary, be served
by delivering same to the chairman or secretary, or by sending it by regis-
tered post addressed to the secretary at the principal office of the Authority.

1 5 . 4 1 ) The Authority may, with the approval of the Minister, appoint
committees for special purposes connected with the functions of the Autho-
rity and which, in the opinion of the Authority, would be better regulated and
managed by means of committees.

(2) The number of members of a committee appointed under sub-
paragraph (I) , the terms of appointment of such members, the quorum of the
committee and the areas within which the committees are to exercise autho-
rity shall be determined by the Authority.

(3) A committee appointed pursuant to this paragraph may include
persons who are not members of the Authority but shall include at least
two ofthe members of the Authority.

(4) Paragraph 1 l(8) shall apply inutatis mutandis to a member of a
committee who is not a member of the Authority as it applies to a member of
the Authority.

16. The office of chairman, deputy chairman or member of the Authority
shall not be a public office for the purpose of Chapter V of the Constitution
of Jamaica.

. ,
PART 11. Financial Provisions, Accounts

and Reports

17.--( 1) The funds and resources of the Authority shall consist of-

(a) such sums as may, from time to time, be placed at the disposal of
the Authority by.Parliament; and

(b) all other sums and other property which may, in any manner,
become payable to or vested in the Authority in respect of any mat-
ter relating or incidental to its functions.

(2) The expenses of the Authority, including the remuneration of
members, officers and employees, shall be paid out of the funds of the Autho-
rity..

18. All moneys of the Authority, not. immediately required to be expen-
ded for the purpose of meeting any of the obligations or discharging any of
the functions of the Authority, may be invested in such securities as .may be
approved by the Minister, and the Authority-

Service of
documents.

Appointment
of commit-
tees.

Office of
chairman
or member
not a public
ofice.

Funds and
resources of
Authority.

Power to
invest
moneys.

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JAMAICA INTERNA TIONA L FINANCIAL
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( a ) may, with the approval of the Minister, sellall 'or any of the
securities;

( b ) shall, as soon as practicable, riotify thk Minister, in writing, of
any action taken under this paragraph.

~ c c o u n t s and 19.+1) The Authority shall keep proper accounts and other records in
audit. relation to its business and shall prepare annually a statement of accounts in a

form satisfactory to the Minister being a form which conforms with estab-
lished accounting principles.

( 2 ) The accounts of the Authority shall be audited annually by an
auditor appointed by the Authority with the approval of the Minister.

(3) An auditor so appointed shall be a registered public accountant
within the meaning of the section 2 of the Public Accountancy Act.

(4) The members, officers and employees of the Authority
shall-

( a ) grant to the auditor appointed under paragraph (2) , access to all
books or other documents, cash and securities of the Authority; and

( b ) give to the auditor, upon request, all such information as may
be within their knowledge in relation to the business of the Autho-
rity.

(5) The auditor's fee and' any expenses of the audit shall be paid'
by the Authority.

(6) The Auditor-General shall be entitled at all reasonable times to
examine the accounts and other records of the ~ u t h o r i t ~ ,in relation to the
business of the Authority.

Operating 20. The Authority shall, not later than the 1st day of January in
plan. each year, submit to the Minister for his approval an operating plan for that

year as t e

, . (a ) the projects to be promoted or sponsored, by the Authority;

( b ) the operational framework within which the Authority shall carry
\ out its hnctions; and

( c ) such other matters as the Minister may require.

Returns, etc 21. The Authority shall furnish the Minister with such returns, accounts
and other information as he may require with respect to the activities
of the Authority and afford him facilities for verifying the information
in such manner and at such time as he may reasonably require.

[The inclusion o f his oaet is authorized hy L.N. 92~/2012]

JAMAICA INTERNA TIONA L FINANCIAL 19
SERVICES A UTHORITY

22.--(1) The Authority shall, within four months after the end of each Annual repon
year, or within such longer period as the Minister may in special circum- andestimates.
stances allow, cause to be made and transmitted to the Minister, a report
dealing generally with the activities of the Authority during that year which
shall include a statement of it accounts audited in accordance with paragraph
19.

(2) The Minister shall cause copies of the report together with the
auditors report to be laid on the table of the House of Representatives and
the Senate.

(3) The Authority shall, not later than the 1 st day of January in each
year submit estimates of revenue and expenditure for the ensuing financial
year to the Minister for his approval.

23.--(1) The income of the Authority shall be exempt from income Exemption
tax. from taxes

and duties.
(2) The Authority shall be exempt from liability to pay stamp duty

in respect of any instrument executed by it or on its behalf.

(3) Any transfer by the Authority of any property belonging to it
or of any right or interest created in, over or otherwise with respect to,
any such property, shall be exempt from transfer tax.

(4) The Authority shall be exempt from general consumption tax.

(5) No customs duty, or other similar impost shall be payable
upon any article imported into Jamaica or taken out of bond in Jamaica
by the Authority and shown to the satisfaction of the Commissioner of
Customs to be required for the use of the Authority in the performance of
its functions.

[The inclusion of' this page is autliorizcd by L.N. 92c/2012]
Read Entire Law on www.moj.gov.jm