Jamaica Removed from FATF “Grey List” After Showing Significant Progress in AML/CFT Framework

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Jamaica Makes Major Strides in Anti-Money Laundering and Combating Terrorism Efforts

In a significant victory for the island nation, Jamaica has been removed from the Financial Action Task Force’s (FATF) “Grey List” after demonstrating substantial progress in improving its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework.

FATF’s Grey List Removal

The removal from the Grey List is a testament to Jamaica’s commitment to strengthening its AML/CFT measures. The FATF had placed Jamaica on its Grey List in 2019 due to concerns over weaknesses in its financial regulatory system. This development marks a major achievement for Jamaica’s government and financial sector, which have worked diligently to address the shortcomings identified by the FATF.

Impact on Investor Confidence and Economic Outlook

The removal from the Grey List is expected to boost investor confidence and improve Jamaica’s overall economic outlook. This positive development will likely attract more foreign investment, stimulate economic growth, and create new job opportunities for Jamaicans.

BOJ Eases Monetary Policy Restrictions

In a separate announcement, the Bank of Jamaica (BOJ) has revealed plans to begin easing monetary policy restrictions, citing moderating inflation as the reason for the rollback. The BOJ had kept monetary policy tight in recent months due to high inflation rates, but with prices stabilizing, it is now gradually easing some of the restrictions.

Key Points

• Jamaica removed from FATF’s Grey List after significant progress in AML/CFT framework
• Country demonstrates commitment to strengthening financial regulatory system
• Removal expected to boost investor confidence and improve economic outlook
• BOJ eases monetary policy restrictions due to moderating inflation rates