Technical Assistance (Provide The Government of Jamaica with Assistance to Implement The Ultimate Beneficial Ownership Reforms Required to Ensure Compliance with The Oecd and Fatf Standards)
Technical Assistance to provide the government of Jamaica with assistance to implement the ultimate beneficial ownership reforms required to ensure compliance with the OECD and FATF Standards
Background of this search: The standards for the prevention and combating of Money Laundering and Terrorism Financing ("AML/CFT") are priority work areas to the Government of Jamaica and the Inter-American Development Bank ("IDB"). The Government of Jamaica is currently seeking to implement measures to develop a stronger legal and institutional AML/CTF framework, in line with international standards in this area, also following the recent listing of Jamaica in the so-called grey list of the Financial Action Task Force (FATF). For its part, the IDB has a trajectory of supporting its member countries in strengthening their AML/CFT framework, as a key step to improve financial transparency in the region.
The International Standards on AML/CFT (hereinafter “the Standards”) are issued by the Financial Action Task Force ("FATF"). This organization issued an updated version of these Standards in February 2012, which includes more specific and rigorous requirements.
The Government of Jamaica has expressed interest in reviewing the adequacy of its AML/CFT laws and regulations as a crucial step to strengthen its beneficial ownership system and to better comply with the FATF Standards. In this context, the Government of Jamaica and the IDB agreed to work on the improvement and strengthening of Jamaica’s framework on beneficial ownership in order to comply with international standards, through non-reimbursable technical assistance to be provided by the IDB’s Transparency Fund ("AAF").
The Companies Office of Jamaica (“COJ”) is the government agency responsible for applying and enforcing corporate Law, under the Companies Act. According to its mission, the COJ aims to foster trade and commerce through the registration and regulation of businesses and the provision of accurate information facilitated by a motivated workforce in an environment of trust and commitment to our stakeholders. It is also responsible for facilitating ease of doing business in Jamaica by providing easy to use, efficient registration systems which will promote business regulation and deliver accurate information to all stakeholders. The Companies Act has recently been amended to incorporate the requirement to register ultimate beneficial ownership information (“UBO”). The IDB is already supporting the COJ, through a separate technical assistance consultancy, in advancing the reform process to align Jamaica’s laws and regulations to the FATF standards on beneficial ownership.
The technical assistance to be provided by the IDB, under the terms included in this document, will hire a professional who will be assisting the COJ in the execution of the activities that will be carried out, in the context and as a consequence of the expert Consultant Technical assistance, to align Jamaica’s beneficial ownership laws and regulations to the FATF standards. The consultant will be based at the COJ (or work remotely, as applicable, including under the ongoing Covid-19 Emergency) to support both the COJ and the expert consultants working on the project, to ensure the efficient and effective flow of information and support the drafting of documents, legal research, processing of interviews, and other activities, as applicable, necessary to ensure the implementation of activities aimed at supporting the implementation of the beneficial ownership mandate by COJ. These terms of reference establish the characteristics of the consultancy, the objectives, the activities to be carried out and the products to be delivered. The work of the IDB and its consultant will be jointly coordinated with the COJ, as the main beneficiary of the project and the local institution responsible for leading the country's efforts in this area.
The team’s mission: The general objective of the consultancy is to support the Government of Jamaica in the execution of a Work Plan, which has been agreed between the COJ and the IDB in the context of the expert consultant technical assistance, and other implementation activities to align Jamaica’s beneficial ownership laws and regulations to the FATF standards (the “Work Plan”).
What you’ll do: In order to assist Jamaica to attain the objectives of the technical assistance, the consultant should carry out, among others, the following activities:
- Provide in field, day-to-day assistance to the COJ in the execution of the Work Plan and other implementation activities directed at aligning the COJ’s regulations and practices to the FATF standards on beneficial ownership.
- Liaise between the IDB team, the expert consultant, and the COJ to facilitate and expedite all necessary work in the COJ’s side to carry out the activities to be performed in the context, and as a consequence of the Work Plan.
- Liaise between the COJ and other Jamaican public bodies in order to facilitate and expedite all necessary work to be performed in the context, and as a consequence of the Work Plan.
- Provide any assistance that may be required by either the COJ or the IDB team to execute the activities to be performed in the context, and as a consequence of the Work Plan.
- Present reports to IDB as described in Section 4.
Deliverables: As a result of its professional services, the consultant will deliver the following reports:
- A work plan describing the setting up and initial considerations in relation to the consultant’s space of work, time schedule, report-lines, and activities to be carried out as agreed with the COJ and IDB team.
- An intermediate report describing the activities carried out and any other relevant aspect of the technical assistance.
- A final report describing all the activities carried out and products delivered in the context of this technical assistance.
Payments timeline: Payments for contracted services will be made by the IDB as follows:
- 20% at the time of approval of the work plan.
- 40% at the time of approval of the intermediate report.
- 40% at the time of approval of the final report.
What you’ll need:
- Citizenship: You are a citizen of one of our 48-member countries.
- Consanguinity: You have no family members (up to fourth degree of consanguinity and second degree of affinity, including spouse) working at the IDB Group.
- Education: Law degree or equivalent in Law or related fields.
- Experience: at least 3 years of proven experience. The person selected should also demonstrate knowledge on FATF recommendations.
- Languages: English, fluent level, both oral and written
- Anti-Money-Laundering, corruption, Ethics, Transparency and Integrity, and Law.
- Experience in AML/CTF issues, previous consulting services and/or professional activity in Jamaica. Knowledge of the Jamaican environment will be highly valued.
- Degree in law, political science or related field.
- Type of contract and modality: Products and External Services Consultant, Lump sum.
- Length of contract: 6 months.
- Location: External consultancy. Jamaica.
- Responsible person: Modernization of The State Ppal Spec (IFD/ICS) and Sector Sr Spec - Mdrnztn Of The STATE (IFD/ICS)
- Requirements: You must be a citizen of one of the IDB’s 48-member countries and have no family members currently working at the IDB Group.
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Because we are committed to providing equal opportunities in employment, we embrace diversity based on gender, age, education, national origin, ethnic origin, race, disability, sexual orientation, and religion. We encourage women, Afro-descendants and persons of indigenous origins to apply.
About us: At the IDB, we’re committed to improving lives. Since 1959, we’ve been a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. We do more than lending though. We partner with our 48-member countries to provide Latin America and the Caribbean with cutting-edge research about relevant development issues, policy advice to inform their decisions, and technical assistance to improve on the planning and execution of projects. For this, we need people who not only have the right skills, but also are passionate about improving lives.
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