Dahlia Walker-Huntington | The diaspora is in shock

Jamaicans all over the world are riveted by the allegations of a multibillion Jamaican dollar fraud in the securities/investment sector. Undoubtedly, the news is more widespread because of the allegations that track legend Usain Bolt lost millions of US dollars in the alleged fraud. Jamaicans in the diaspora are being called upon by their non-Jamaican friends and colleagues to explain what is happening in the financial sector in Jamaica, to defend Usain Bolt; and to question their own sanity over the news reports, social media postings, denials, and the explanations that are emerging from this scandal.

The Government of Jamaica in 2004 moved to formalise communications with the diaspora, and successive governments have continued the outreach. Jamaica is a unique country in many aspects, but significantly, she has as many and, technically, more Jamaicans living outside the boundaries of the country than who live on the Rock. Jamaicans who live outside the borders of the island glorify Jamaica and live in a sort of suspended animation as many live in two worlds. They uphold their “Jamaicaness” – if an overseas organisation has a Jamaican working in any capacity, that fact that a Jamaican is present is widely known. Jamaicans overseas promote their country’s culture and set an operating standard that demonstrates an extraordinary work ethic, attentiveness, exuberance, and charm. All the while tethering in their homeland and moving in their new homes, assimilating into the fabric of the countries they adopted.

Jamaicans across the world are visited on a regular basis by successive government officials and representatives from the Jamaican banking and investment sectors and real estate and business sectors, among others. They are updated on Jamaica’s progress and urged, in no subtle fashion, to invest in Jamaica in many ways – not the least of which is to send money to deposit in Jamaica. They, me included, are often turned off from these presentations because until you have tried to open a bank/investment account in Jamaica, you have not experienced true exasperation.

Many Jamaicans who migrate believe that they are only going “to check out farrin” and that they will eventually return home to Jamaica to live. Some Jamaicans overseas do realise this dream and return home after toiling in foreign lands and or maintain investments or bank accounts in Jamaica.

UNSETTLING

The news of the allegations that millions of US dollars could be missing from one establishment and that government institutions charged with its oversight missed this completely is unsettling and has left the diaspora in amazement. We are painfully aware that had not the Legend’s funds been caught up into the allegations, this would more likely have been a blip on the news scene that would have died a natural death as we moved on to a new scandal. Sadly, the enormity of the amount alleged to have been misappropriated from the most recognisable living Jamaican has stopped us in our tracks – no pun intended.

The feeling is that if what is alleged can happen to Usain, it could certainly happen to any average Jamaican – at home or abroad. One notable video making the rounds on social media says the pecking order for Jamaicans is God, Jesus, Bob Marley, then there is Usain Bolt.

Questions abound: Where was the Financial Services Commission? Where was the board of the FSC? Where were the CEO(s) and owners of the financial institution at the heart of the allegations? Where were the Ministry of Finance and its ministries during the relevant period?

Notwithstanding which party forms government, the default response from the political directorate should be to come out immediately and unequivocally address issues. This solidifies confidence in the country and in our leaders. When you wait to see if the crescendo will die over an issue – whether it is this or any other national issue -it does not foster confidence in governance and by extension in the country.

When we hear that the country’s investment oversight body produces too many reports to be reviewed - intimating that no one could possibly review all the reports generated by the FSC - it begs the question, what is the point of the oversight body? Is their work an exercise in futility? The situation also prompts the simple question: Whose responsibility was it to act on the red flags raised by the FSC?

These are genuine, straightforward questions that are on the table and which are deserving of answers. Understandably, investigations must take place to get to the bottom of the alleged missing millions, but the question of oversight, governance and responsibility should be answerable without an investigation and without buck shuffling as to who is ultimately responsible. Answers are necessary because clearly, there are obvious holes in the process that need to be plugged - and plugged quickly - to restore confidence, even before investigations are concluded. Because if you must wait for an investigation to tell you with whom the buck stops, then it is obvious that the buck was, and is being, passed.

BAD FOR JAMAICA

The issue of allegations of mismanagement of investors’ funds is bad for Jamaica in the eyes of the world and is worst for the diaspora. No matter which “P” is governing the country, Jamaicans overseas want to invest at home, and to learn that the very infrastructure that is established to safeguard those funds appears to have been too large to be effective – for years - is a huge blow to the psyche of members of the diaspora.

Jamaicans overseas are the country’s biggest ambassadors. Yes, although we sang “I man born yah, I nah leave yah”, hundreds of thousands of us did leave the geographical borders. However, Jamaica is a borderless country. Lyrics of Sweet Jamaica abound – “Ackee and wi saltfish – wi nah lef yah, …wi big flour dumpling, wi nah lef yah!” Wake the town and tell the people that Jamaica is wherever a Jamaican resides! We take Jamaica with us no matter where we live, and we love wi country. We brag and boast about Jamaica to our foreign neighbours and friends. Yes, we criticise the Government and our leaders – no matter which “P” is in power, but this does not negate our undying love of our country and desire for its success.

We need to know that yes, the alleged fraud is being investigated and those responsible will be held accountable; but we also need to know that Jamaica is capable of good governance and that entities established to safeguard depositors’ money are effective. We also need to know that when allegations of the poor safeguarding of depositors’ funds are red-flagged, someone takes responsibility for seeing to it that those red flags are addressed. We need to know who that person is, and we do not want to hear “It wasn’t me”!

- Dahlia Walker-Huntington is a Jamaican-American attorney who practises immigration law in the United States. Send feedback to info@walkerhuntington.com.