WESTERN BUREAU – Founding member of the Cambio Association of Jamaica Earl Harriott confirmed yesterday that he had voluntarily surrendered his 10 Cambio operating licences to go into retirement.

“I made up my mind a long time ago that most of the things I do in life, by the time I reach 60, I would give them up and the Cambio happens to be one of them,” Harriott, a 61 year-old Montego Bay businessman, said.

In June, the BOJ suspended the licence of Grand Central Cambio, after its principal, Adrian ‘Ruddy’ Armstrong was nabbed by narcotics police for his alleged involvement in the illegal drug trade and money laundering.

But yesterday, Harriott stressed that his decision to give up his Cambio operations was based solely on personal reasons.

“Some people might see something that happen at certain time and want to calculate and speculate,” he said. “But no… that’s not the case with me.”

“My situation is that I have reached a stage and I did not want to hang on forever and I did not have anybody that was seriously interested in operating Cambios – like my children.”

He added, however, that although he is officially retired he was still available to offer his service to the CAJ.

Harriott’s company, Mira Bay Resorts Ltd, was among two companies that the Bank of Jamaica last week said had voluntarily given up their operating licences.

Bills and Exchange Financial Services Ltd in Grange Hill, Westmoreland, the BOJ said, was the other company. The Observer was unable to make contact with the principals of Bills and Exchange up to press time last night.

Yesterday, Harriott told the Observer that because of his ‘love for the Cambio business’, he has decided to keep his branches opened until June.

Up to last month, Mira Bay Resorts Ltd operated Cambios at:

. Gemini Gift Shop in Montego Bay;

. White Swans Plaza in Negril;

. 14 Queens Drive in Montego Bay;

. Shop #2 Parchment Plaza in South Field, St Elizabeth;

. 13 St Georges Street in Falmouth;

. Sports World in the Plaza de Negril;

. House of Hardware, Brown’s Town Mall in St Ann;

. Shop #5 Hylton Felix Shopping Centre in Junction, St Elizabeth;

. Arthur’s Beach, Norman Manley Boulevard, Negril; and

. Shop # 5 Savanna-la-Mar Commercial Centre, Westmoreland.

Harriott got his first Cambio licence in June 1994, and formed the CAJ shortly afterwards.

He served as president from its inception until September 1995.

He later served again in that post for another 18 months.

Up to last month, there were roughly 140 Cambio locations in the island which are operated by about 70 entities.

In April the BOJ, which regulates the island’s Cambios, imposed new guidelines to tighten up on enforcing aspects of the Money Laundering Act.