Jamaica improves anti-money laundering regime
Jamaica is "compliant or largely compliant" with 37 of 40 major recommendations key to bringing the country's anti-money laundering regime up to international standards and avert being blacklisted.
The update came during last week's meeting of the Caribbean Action Task Force (CFATF) in Aruba where Jamaica's Minister of Finance Dr Nigel Clarke was elected deputy chairman.
"This has resulted from productive collaboration across relevant ministries and agencies of government, through the National Anti-Money Laundering Committee, and represents considerable progress," said Clarke, who led Jamaica's delegation.
Jamaica has improved over the situation six years ago when it was in compliance with only 17 of the recommendations made by the Financial Action Task Force (FATF).
FATF is the global inter-governmental money laundering and terrorist financing watchdog, whose standards are followed by more than 200 countries while the CFATF is a regional group of 24 countries with the objective of implementing and complying with FATF recommendations.
In October, FATF maintained Jamaica on its grey list or among 'jurisdictions under increased monitoring', which means a country has “committed to resolve swiftly the identified strategic deficiencies within agreed time frames”.
Jamaica has had the designation since at least February 2020.
Continued non-compliance could result in the country being blacklisted as a 'high-risk jurisdiction', which exposes it to economic sanctions.
"The FATF strongly urges Jamaica to swiftly demonstrate significant progress in completing its action plan by February 2024 or the FATF will consider next steps, which could include calling on its members and urging all jurisdictions to apply enhanced due diligence to business relations and transactions with Jamaica," the watchdog said in its standard statement for grey-listed countries
Earlier this year, Clarke said the worst outcome was unlikely because Jamaica has “successfully completed all the legislative requirements”.
He said the focus is on operationalising the measures.
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