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US authorities probe former OLINT head
Former OLINT boss, David Smith.
Former OLINT boss, David Smith, and a young wealthy businessman, are among 15 Jamaicans under investigation by the United States government, for alleged money-laundering, following the collapse of the multi-billion dollar foreign exchange trading scheme.
A judge has given the local authorities, the green light to investigate the Jamaican accounts of Mr. Smith and other persons named on a list submitted by the U.S. government.
Just days after a high ranking US official made it clear that they would be coming after locals involved in money laundering, there is word that the US is going after David Smith and persons who were closely connected to his collapsed OLINT empire.
Just two weeks ago, the Director of Public Prosecutions, acting on behalf of the United States government, obtained a court order giving local investigators the power to dig into the accounts of Mr. Smith and a long list of individuals and companies.
The application which was made under the Mutual Legal Assistance (Criminal Matters) Act, requested the sharing of all documents, records and articles relating to the accounts of the individuals named and their companies.
The Bank of Jamaica has been instructed to disclose the information.
The BOJ, which regulates the financial sector, is in turn expected to instruct one of the country's major financial institutions to turn over the documents and information on the accounts.
Among those also under investigation are Mr. Smith's wife, Tracy Ann Simone Smith; his brother Gilbert; OLINT; OLINT Foundation and OLINT Corporation.
The son of a major figure within the governing Jamaica Labour Party is also on the list submitted by the US authorities.
The US government says it also wants to look into the account of a petroleum company and a major figure in the football fraternity as well as several well known Jamaican business persons.
Mr. Smith was arrested and charged last year with fraud and money laundering in the Turks and Caicos Islands following the collapse of OLINT.
All his assets and those of OLINT have since been frozen.
In December a court issued an order restraining Mr. Smith, his wife and brother from selling or dealing with any of their assets or assets held by them on behalf of other persons.
The order forbids them from withdrawing or transferring funds from their accounts exceeding US$215 million.
It is reported that at the time of its collapse OLINT had 6,000 clients with total investments of US$220 million.
Former OLINT boss, David Smith. Former OLINT boss, David Smith, and a young wealthy businessman, are among 15 Jamaicans under investigation by the United States government, for alleged money-laundering, following the collapse of the multi-billion dollar foreign exchange trading scheme.
A judge has given the local authorities, the green light to investigate the Jamaican accounts of Mr. Smith and other persons named on a list submitted by the U.S. government.
Just days after a high ranking US official made it clear that they would be coming after locals involved in money laundering, there is word that the US is going after David Smith and persons who were closely connected to his collapsed OLINT empire.
Just two weeks ago, the Director of Public Prosecutions, acting on behalf of the United States government, obtained a court order giving local investigators the power to dig into the accounts of Mr. Smith and a long list of individuals and companies.
The application which was made under the Mutual Legal Assistance (Criminal Matters) Act, requested the sharing of all documents, records and articles relating to the accounts of the individuals named and their companies.
The Bank of Jamaica has been instructed to disclose the information.
The BOJ, which regulates the financial sector, is in turn expected to instruct one of the country's major financial institutions to turn over the documents and information on the accounts.
Among those also under investigation are Mr. Smith's wife, Tracy Ann Simone Smith; his brother Gilbert; OLINT; OLINT Foundation and OLINT Corporation.
The son of a major figure within the governing Jamaica Labour Party is also on the list submitted by the US authorities.
The US government says it also wants to look into the account of a petroleum company and a major figure in the football fraternity as well as several well known Jamaican business persons.
Mr. Smith was arrested and charged last year with fraud and money laundering in the Turks and Caicos Islands following the collapse of OLINT.
All his assets and those of OLINT have since been frozen.
In December a court issued an order restraining Mr. Smith, his wife and brother from selling or dealing with any of their assets or assets held by them on behalf of other persons.
The order forbids them from withdrawing or transferring funds from their accounts exceeding US$215 million.
It is reported that at the time of its collapse OLINT had 6,000 clients with total investments of US$220 million.
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