Jamaica Removed from FATF’s Grey List: A Significant Achievement
Background
On Friday, June 28, 2024, the Financial Action Task Force (FATF) announced that Jamaica has been removed from its grey list of countries with strategic deficiencies in their anti-money laundering/counter-terrorism financing (AML/CFT) regimes. This achievement was made possible through significant progress made by Jamaica in improving its AML/CFT regime.
FATF’s Grey List
The Financial Action Task Force is an inter-governmental body that sets standards for combating money laundering, terrorist financing, and other related threats. Countries that fail to meet these standards are placed on the grey list, which requires increased monitoring and scrutiny.
Jamaica’s Progress
Jamaica was placed on the grey list in February 2020 after being identified as having strategic deficiencies in its AML/CFT regime. In response, the country agreed to a 13-point action plan with FATF to address these deficiencies and has since delivered on legislative and regulatory reforms outlined in the plan.
Onsite Visit
A joint group from FATF conducted an onsite visit to Jamaica six weeks ago to assess the effectiveness of the country’s implementation of its action plan. The group praised certain instances of AML/CFT framework implementation as global good practice, confirming that Jamaica has a robust understanding of its money laundering and terrorist financing risks.
Minister Clarke’s Remarks
Minister of Finance and the Public Service Dr. Nigel Clarke expressed gratitude to Prime Minister Andrew Holness, Cabinet colleagues, public servants on the National Anti-Money Laundering Committee (NAMLC), FATF, CFATF, and bilateral and multilateral partners for their support in achieving this milestone.
“We are committed to maintaining up-to-date standards in AML/CFT and countering proliferation financing spaces,” Minister Clarke emphasized. “We pledge to ensure that the country builds on this achievement.”
Future Plans
With Jamaica set to assume the chair of CFATF in December 2024, the country is preparing for the globally applicable 5th round of AML/CFT/CPF mutual evaluations scheduled for mid-2026. To achieve this, Jamaica will need to:
- Amend or introduce new laws by the end of 2025 to regulate virtual assets and providers
- Make non-profit organization registration mandatory
- Promulgate regulations addressing targeted financial sanctions related to proliferation
Conclusion
The removal of Jamaica from FATF’s grey list marks a significant demonstration of the country’s ability to focus on and achieve its goals. This achievement is a testament to Jamaica’s commitment to improving its AML/CFT regime and countering money laundering, terrorist financing, and other related threats.