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Jamaica Falls Short in Financial Sanctions Compliance Report
A recent report has highlighted Jamaica’s shortcomings in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, a global standard for combating money laundering and terrorist financing.
Mixed Ratings Across Various Areas
According to the report, Jamaica received mixed ratings across various areas, including:
- Assessing risk and applying a risk-based approach
- National cooperation and coordination
- Targeted financial sanctions related to terrorism and terrorist financing
While the country has made some progress in implementing these measures, it still lags behind in others.
Largely Compliant and Partially Compliant
Jamaica was found to be “largely compliant” (LC) in several areas, including:
- Money laundering offences
- Confiscation and provisional measures
- Customer due diligence
- Record keeping
- Reliance on third parties
However, it was deemed “partially compliant” (PC) in other areas, such as:
- Targeted financial sanctions related to proliferation and new technologies
Room for Improvement
The report also noted that Jamaica has room for improvement in several key areas, including:
- Non-profit organisations
- Financial institution secrecy laws
- Transparency and beneficial ownership of legal persons
Additionally, the country’s regulation and supervision of financial institutions and DNFBPs (designated non-financial businesses and professions) were identified as areas that require further strengthening.
Experts’ Concerns
Experts say that Jamaica’s lack of progress in implementing these measures could have significant implications for its economy and reputation. “It is crucial that Jamaica takes concrete steps to address these shortcomings and ensure that it is in compliance with international standards,” said a financial expert. “The country cannot afford to fall behind in the fight against money laundering and terrorist financing.”
Urgent Action Required
Jamaica has been urged to work towards achieving full compliance with the FATF Recommendations, which will require significant efforts and resources. The government has promised to take the necessary steps to address these issues and ensure that Jamaica’s financial system is secure and transparent.
Warning Signal Sent
The report’s findings have sent a warning signal to Jamaican authorities, indicating that they must take immediate action to address the country’s shortcomings in financial sanctions compliance. Failure to do so could result in severe consequences for the country’s economy and reputation.