The Financial Action Task Force (FATF), during its Plenary held in Singapore on June 28, 2024, announced the removal of Jamaica from its Grey List, which includes countries with strategic deficiencies in their Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) frameworks.
This decision marks a significant step forward for Jamaica, showcasing its enhanced regulatory measures and commitment to international financial standards.
Overcoming challenges amidst global crises
Despite the disruptions caused by the COVID-19 pandemic shortly after agreeing to a comprehensive 13-point action plan with FATF in February 2020, Jamaica has successfully implemented a series of legislative and regulatory reforms.
These efforts were aimed at addressing the deficiencies highlighted by FATF.
The robust response included navigating through the economic and social challenges posed by the pandemic, and demonstrating resilience and dedication to reform.
Recognition of effective implementation
A recent onsite visit by a Joint Group from FATF confirmed Jamaica’s effective execution of the agreed-upon action plan.
The group highlighted Jamaica’s comprehensive understanding of its risks related to money laundering and terrorist financing, even citing some instances where Jamaica set a global precedent in the implementation of its AML/CFT framework.
Acknowledgments and future commitments
Dr. Nigel Clarke, Minister of Finance and the Public Service, expressed gratitude towards various stakeholders, including Prime Minister Andrew Holness and other governmental colleagues, for their support in achieving these reforms.
The National Anti-Money Laundering Committee (NAMLC), which played a pivotal role in coordinating these efforts, received particular praise for its effectiveness.
As Jamaica prepares to assume the Chair of the Caribbean Action Task Force (CFATF) in December 2024, Minister Clarke reaffirmed the country’s commitment to maintaining the highest standards in AML/CFT and Countering Proliferation Financing (CPF).
Looking forward, Jamaica is gearing up for the 5th round of AML/CFT/CPF mutual evaluations in mid-2026, with plans to introduce regulations that address new challenges such as the regulation of virtual assets and providers.
Continuous improvement and global standards
As Jamaica celebrates this achievement, the focus remains on continuous improvement to ensure that the nation remains compliant with evolving global standards.
This proactive approach is crucial to avoid any future risks of being grey-listed again, maintaining the integrity of Jamaica’s financial system on the international stage.
, during its Plenary held in Singapore on June 28, 2024, announced the removal of Jamaica from its Grey){kind=link}