Financial Crime World

Jamaica and Türkiye Make Significant Progress in Addressing AML/CFT Deficiencies

Major Achievement Jamaica and Türkiye have completed their Action Plans to resolve strategic deficiencies identified during mutual evaluations, thereby no longer being subject to increased monitoring by the Financial Action Task Force (FATF).

Collaboration with FATF

The FATF has been working closely with both countries to strengthen their anti-money laundering, combating the financing of terrorism (AML/CFT), and combating proliferation financing (CPF) regimes. The successful completion of their Action Plans demonstrates their commitment to implementing effective measures to prevent the misuse of their financial systems.

Continued Support from FATF

Jamaica and Türkiye will continue to work with the FATF and relevant regional bodies to further strengthen their AML/CFT/CPF regimes, ensuring that they remain in compliance with international standards. The FATF’s continued support will be essential in helping countries like Jamaica and Türkiye to maintain their progress and stay ahead of emerging threats.

Global Progress

The FATF has made significant progress globally in addressing AML/CFT deficiencies. The organization has completed its review of measures implemented by member countries to prevent gatekeepers from being used to facilitate money laundering and terrorist financing. The review will be published in July 2024.

Revisions to Standards

The FATF is also revising its standards to reflect changes in cross-border payment systems, with a focus on increasing transparency and ensuring AML/CFT compliance. Additionally, the organization has launched initiatives aimed at promoting financial inclusion and combating terrorist and proliferation financing.

Incoming Mexican Presidency

The incoming Mexican Presidency of the FATF has outlined its priorities for 2024-2026, which include:

  • Advancing financial inclusion
  • Ensuring a successful start to the new round of assessments
  • Strengthening cohesion in the Global Network
  • Supporting effective implementation of revised standards
  • Continuing efforts to combat terrorist and proliferation financing

Under the leadership of President Elisa de Anda Madrazo, Mexico will work closely with member countries to achieve these goals and ensure that the FATF remains a vital global organization in combating financial crime.