The Government of Jamaica has welcomed the European Union’s decision to remove the country from its list of high-risk nations with strategic deficiencies in Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regimes, calling it a major step forward for the economy and international reputation.
Barbados was also removed from the list.
The move follows Jamaica’s removal from the Financial Action Task Force’s (FATF) grey list in 2023 and is seen as a strong endorsement of the country’s financial reforms.
Minister of Foreign Affairs, Foreign Trade and International Trade, Kamina Johnson Smith, addressed the European Parliament after the announcement. She described the decision as “significant and affirming.”
“We cannot overstate how important this decision is. It is a clear indicator of the Parliament’s desire to respond positively to small, vulnerable economies such as Jamaica’s,” she said. “We thank the Parliamentarians for taking this decisive step, which has exponential implications for our economy and our citizens. This puts us in a much better position to work purposefully toward achieving our national goals.”
The delisting removes the requirement for EU-based financial institutions to perform enhanced due diligence on transactions involving Jamaica, reducing compliance burdens and facilitating smoother cross-border financial flows. Officials say the decision will also improve investor confidence and support the country’s overall financial standing.
Johnson Smith noted that the EU’s decision was the result of sustained advocacy by both Jamaica and Barbados. She referenced comments made by Prime Minister Andrew Holness during the closing session of the 49th Meeting of CARICOM Heads of Government, where he called for the delisting.
“We are happy that a final position was taken that acknowledges the reforms that we have made to the financial systems and regulatory structures in our country—as a position that is aligned with FATF’s positive decisions last year,” she said. “This is another sign of widespread trust in our systems.”
Prime Minister Holness also welcomed the development in a series of social media posts.
