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On June 28, 2024, the Financial Action Task Force (FATF) announced at its plenary meeting in Singapore that Jamaica would be removed 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, demonstrating its strengthened regulatory approach and commitment to international financial standards.
Overcoming challenges in a global crisis
Despite the disruption caused by the COVID-19 pandemic, Jamaica has successfully implemented a series of legislative and regulatory reforms shortly after agreeing a comprehensive 13-point action plan with the Financial Action Task Force in February 2020.
These efforts are intended to address the shortcomings highlighted by the Financial Action Task Force.
A strong response includes overcoming the economic and social challenges posed by the pandemic and demonstrating resilience and dedication to reform.
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Recognize effective implementation
The recent on-site visit by the FATF Joint Team confirmed Jamaica’s effective implementation of the agreed action plan.
The panel highlighted Jamaica’s comprehensive understanding of the risks associated with money laundering and terrorist financing, even citing some instances where Jamaica has set global precedents in implementing an AML/CFT framework.
Acknowledgements and Future Commitments
Minister for Finance and Public Service Dr Nigel Clarke thanked stakeholders including Prime Minister Andrew Holness and other government colleagues for their support in delivering these reforms.
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The National Anti-Money Laundering Council (NAMLC) played a key role in coordinating these efforts and was particularly praised for its effectiveness.
As Jamaica prepares to assume the Chair of the Caribbean Action Task Force (CFATF) in December 2024, Minister Clark reiterated the country’s commitment to maintaining the highest standards in AML/CFT and Countering Proliferation Financing (CPF).
Looking ahead, Jamaica is preparing for the fifth round of AML/CFT/CPF mutual evaluation in mid-2026 and plans to introduce regulations to address new challenges such as virtual assets and provider regulation.
Continuous improvement and global standards
While Jamaica celebrates this achievement, the focus remains on continuous improvement to ensure the country remains in line with evolving global standards.
This proactive approach is essential to avoid the risk of being grey-listed again in the future and to safeguard the integrity of Jamaica’s financial system on the international stage.
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