Jamaica Removed from Grey List of FATF: A Major Victory in Anti-Money Laundering Efforts

=====================================================

In a significant breakthrough, Jamaica has been removed from the Financial Action Task Force’s (FATF) “Grey List” following substantial progress in improving its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.

FATF Plenary Meeting in Singapore

The announcement was met with applause at the FATF Plenary meeting held in Singapore today, marking a major victory for Jamaica’s efforts to strengthen its AML/CFT regime and demonstrate the country’s commitment to combating financial crimes and protecting its financial system.

Monetary Policy Restrictions to Ease

According to a statement released by the Bank of Jamaica, the country’s monetary policy restrictions will begin to ease as inflation moderates. Tight monetary policies had been in place due to high inflation rates. However, with inflation showing signs of slowing down, the BOJ has decided to gradually roll back some of these restrictions.

AML/CFT Framework Improvements

This development marks a significant achievement that reflects Jamaica’s progress in improving its AML/CFT framework, which is essential for maintaining international cooperation and preventing the misuse of its financial system. The removal from the Grey List is a testament to the country’s commitment to:

• Strengthening its AML/CFT regime
• Combating financial crimes
• Protecting its financial system

Conclusion

Jamaica’s removal from the FATF Grey List is a major victory in anti-money laundering efforts and demonstrates the country’s commitment to maintaining a robust financial system. This achievement will have positive implications for the country’s economic stability and international relations.