Jamaica Shows Significant Progress in Anti-Money Laundering Compliance
Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task Force (FATF) to combat money laundering and terrorist financing.
Jamaica has achieved remarkable progress in complying with anti-money laundering regulations and aligning international standards to be removed from the FATF’s increased monitoring list, commonly known as the “grey list.” In the recent FATF plenary meeting, the delegation stated they are working with the country’s regulatory bodies to comply with money laundering and counter-terrorism financing. Jamaica disclosed significant progress in its AML compliance framework by upholding 37 recommendations from 40 FATF recommendations. This indicates its government’s dedication and intent to withdraw from the grey list. That will boost the country’s reputation and attract international investors, which will boost the country’s economy.
Jamaica’s Minister of Finance, Dr. Nigel Clarke, unveiled this development in AML compliance in a meeting of the Caribbean Action Task Force (CFATF) in Aruba. He stressed that this achievement resulted from the proactive collaboration of the country’s government bodies and financial agencies, as planned by the National Anti-Money Laundering Committee. Clarke added that six years prior, Jamaica faced an even more dire situation, implementing only 17 of the FATF’s recommendations. This transformation indicates the country’s unwavering commitment to securing its financial sector. The CFATF included 24 countries, all with a shared interest in complying with the FATF regulations and protecting the integrity of the global economy.
Jamaica has received a strong warning from the FATF to show substantial progress in its action plan by February 2024. They also warned that if Jamaica failed to comply promptly with the AML measures, FATF would urge members to enhance their due diligence in their compliance systems during business with Jamaica. Since the country has meticulously complied with all legal obligations, Minister Clarke is confident that the worst-case scenario of being placed on a blacklist is improbable. He stated that Jamaica is optimistic about its compliance system and standing in the international financial community.
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