Jamaica and Barbados are no longer considered high-risk jurisdictions for money laundering and terrorist financing by the European Union, following a significant update to the EU’s official list of countries requiring enhanced financial scrutiny.
In a statement released this week, the European Commission confirmed that both Caribbean nations, along with Gibraltar, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates, have been delisted after demonstrating substantial progress in strengthening their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
“The Commission concludes that these countries have addressed the strategic deficiencies identified in their AML/CFT regimes,” the statement read. “It is therefore appropriate to remove these countries” from the EU’s list of high-risk third-country jurisdictions.
The list is part of the EU’s broader effort to safeguard its financial system. Under the EU Anti-Money Laundering Directive, entities operating within the bloc are required to exercise increased vigilance when dealing with countries on the high-risk list. The removal of Jamaica and Barbados is expected to reduce friction in financial transactions between these countries and EU-based institutions.
The Commission’s decision follows a “thorough technical assessment” that considered criteria set by the Financial Action Task Force (FATF), the global watchdog on money laundering. The review included bilateral discussions, on-site visits, and analysis of reforms implemented by the delisted countries.
As a founding member of the FATF, the European Commission stressed the importance of alignment with the international body’s list of “Jurisdictions under Increased Monitoring.” According to the Commission, both Jamaica and Barbados met the requirements laid out in action plans previously agreed upon with the FATF.
No other Caribbean nation was delisted. New additions to the list include Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal, and Venezuela.
The update will take legal effect following a period of scrutiny and non-objection by the European Parliament and the Council of the EU, expected to conclude within the next month.
The move is a win for Caribbean financial regulators, who have long argued that the EU’s previous listings disproportionately affected small island states working in good faith to improve oversight and transparency.
While acknowledging concerns raised by the European Parliament about potential sanctions evasion, the Commission reiterated that the updated list reflects only jurisdictions with “strategic deficiencies” in AML/CFT regimes—not broader geopolitical or economic considerations.
