Financial Crime World

Jamaica Celebrates Removal from FATF’s Grey List After Significant Progress in Anti-Money Laundering and Combating Terrorist Financing Efforts

Kingston, Jamaica

Jamaica has achieved a major breakthrough by being removed from the Financial Action Task Force (FATF) grey list following significant progress made in strengthening its anti-money laundering (AML) and combating terrorist financing (CFT) framework.

FATF Plenary Meeting Confirms Removal

The announcement was made at the FATF Plenary meeting held in Singapore earlier today. According to a statement released by Jamaica’s financial authorities, the country has demonstrated substantial improvements in its efforts to prevent money laundering and combat terrorist financing. As a result, Jamaica has been moved from the grey list to a more favorable position on the FATF’s assessment scale.

Boost for Economy and Financial Sector

This development is seen as a major boost for Jamaica’s economy and financial sector, which has been grappling with issues related to money laundering and terrorist financing in recent years. The removal from the grey list is expected to enhance Jamaica’s reputation as a responsible and cooperative member of the international community.

FATF Grey List: A Warning System

The FATF grey list includes countries that have significant deficiencies in their AML/CFT frameworks, which can impact their ability to combat financial crime and protect the global financial system. Jamaica’s removal from this list is a testament to its commitment to strengthening its financial regulations and ensuring compliance with international standards.

Collaborative Efforts Pay Off

This achievement is attributed to the efforts of various stakeholders, including:

  • The Bank of Jamaica (BOJ)
  • The Financial Services Commission (FSC)
  • Other regulatory agencies
  • All who have worked tirelessly to improve Jamaica’s AML/CFT framework

The removal from the grey list is a significant milestone for Jamaica and demonstrates its commitment to combating financial crime and protecting the global financial system.