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Shaw gets first report on use of funds in dormant bank accounts

Industry Minister Audley Shaw is now in receipt of the first report on the use of funds in dormant bank accounts.
 
He said the findings will be shared with the Finance Minister and the Cabinet.
 
The Government is trying to get faster access to funds held in dormant accounts.
 
It wants to use the almost $50 billion in the accounts to provide low-interest financing to micro, small and medium-sized enterprises.
 
The global standard for dormant funds returning to central government is seven years. 
 
In the United States, it is five years, and in Jamaica 15 years.
 
A consultancy group was contracted and tasked with the responsibility of reviewing and advising the Holness administration on this engagement.


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