Finance Minister Blasts Social Media Claims On Dormant Bank Accounts

Minister of Finance and the Public Service, Nigel Clarke, has sought to dismiss allegations that the government has passed a Bill to close dormant bank accounts and place a monthly levy on unclaimed monies.

In a press release dated Monday, October 29, Clarke said, “It is simply false. These kinds of baseless assertions cause confusion among Jamaicans, especially those living overseas.”

Minister Clarke blasted the claims, made on social media, as mischievous and untrue.

“Dr. Clarke reiterated that there is an established legal process in place with respect to unclaimed funds and the Government of Jamaica follows that process,” the release further noted.

To this end, Clarke added that over the weekend, “there was a publication in the press to this effect which was required to satisfy legal requirements and give persons the opportunity to claim these monies.”

Under provisions of the Banking Services Act of 2014, a record of unclaimed monies in the possession or under the control of a deposit-taking institution for a period of 15 or more years, are published in the Gazette and in a daily newspaper circulated in Jamaica. According to the ministry, this record includes the unclaimed monies and the period for which the funds have remained unclaimed.

“It is unfortunate that persons would use the legally required and well intentioned publication of this information to spread falsehoods and misinformation,” Clarke argued.

By: Gavin Riley

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