News about Cash Plus in Jamaica

Speaking at Friday morning’s post budget press briefing Mr. Shaw dismissed concerns that there might be significant ripples.

“The Governor of the Bank (of Jamaica, BOJ) is here and we can assure you that there will be no perceptible impact on our financial system. The private banking (system) is fully intact and (the BOJ Governor) has advised me that there will be no perceptible impact,” said Mr. Shaw.

He was responding to questions about Cash Plus triggered by the Thursday’s arrest of its Founder and CEO Carlos Hill.

Mr. Shaw also sought to dismiss concerns that he had supported unregulated entities like Cash Plus following certain statements in Parliament last year.

He said those statements were specific to the raid of the offices of OLINT last year and did not represent wholesale support of unregulated financial companies.