Jamaica Remains Off Grey List, But Must Maintain Standards

KINGSTON, Jamaica - The Financial Action Task Force (FATF) has removed Jamaica from its “grey list” of countries that are considered to have weaknesses in their anti-money laundering and combating the financing of terrorism (AML/CFT) systems. However, the country must continue to maintain high standards to avoid being added back to the list.

FATF Removal a Significant Achievement

The removal of Jamaica from the grey list is seen as a significant achievement, particularly given the challenges faced by the country in its AML/CFT efforts. The country had been under intense scrutiny from international financial institutions and regulators due to concerns about its ability to prevent and detect money laundering and terrorist financing activities.

CFATF Chairmanship and Virtual Assets

Finance Minister Dr Nigel Clarke will be chairing the Caribbean Financial Action Task Force (CFATF) in December, where Jamaica is expected to focus on implementing new guidelines surrounding virtual assets. This move demonstrates Jamaica’s commitment to maintaining high standards in AML/CFT compliance and its willingness to take a leading role in shaping global regulations.

Jamaica Bankers’ Association Welcomes News

The Jamaica Bankers’ Association has welcomed the news, saying it is a significant achievement for the country and the banking industry. The association credited financial institutions for playing a pivotal role in achieving compliance with 37 of the 40 FATF recommendations.

Key Points:

• Financial institutions played a crucial role in achieving compliance with 37 of the 40 FATF recommendations.
• Jamaica must continue to maintain high standards to avoid being added back to the grey list.
• The country will focus on implementing new guidelines surrounding virtual assets at the CFATF meeting in December.

Importance of Ongoing Compliance

The association added that it will continue to work with all key stakeholders to ensure ongoing compliance and combat money laundering and terrorism financing. Jamaica’s removal from the grey list is a significant achievement, but the country must remain vigilant in its efforts to prevent and detect these illicit activities.

With the Paris Olympics fast approaching, Jamaica’s athletes are gearing up to represent the black, green, and gold on the global stage. However, the country’s focus on maintaining high standards in AML/CFT compliance will be crucial to avoiding being added back to the grey list.

The FATF’s Role

The FATF is an intergovernmental organization that sets standards for AML/CFT efforts globally. The grey list is a tool used by the organization to identify countries that are considered to have weaknesses in their AML/CFT systems, and requires them to address these issues to avoid being listed as non-cooperative jurisdictions.