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Jamaica’s Risk-Based Approach to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Gains Recognition

In a significant development, Jamaica has demonstrated its commitment to implementing the Financial Action Task Force (FATF) Recommendations by adopting a risk-based approach to anti-money laundering (AML) and combating the financing of terrorism (CFT). The country’s recent follow-up report highlights its efforts to strengthen its AML/CFT framework.

Assessing Risks and Enhancing Cooperation

According to the report, Jamaica has made significant progress in assessing risks and applying a risk-based approach to AML/CFT. The country has also enhanced national cooperation and coordination between law enforcement agencies, financial institutions, and other stakeholders to combat money laundering and terrorist financing.

Strengthened Regulations and Supervision

The report highlights Jamaica’s efforts to criminalize money laundering and terrorist financing, as well as its commitment to confiscation and provisional measures to seize the assets of individuals involved in these illegal activities. Additionally, the country has strengthened its regulations and supervision of financial institutions, including correspondent banking relationships and wire transfers.

Transparency and Beneficial Ownership

Jamaica has also demonstrated its commitment to transparency and beneficial ownership, including the regulation and supervision of non-profit organizations and legal arrangements. The country’s financial intelligence unit has been enhanced to provide critical information to law enforcement agencies.

FATF Recommendations

The FATF Recommendations are a set of standards aimed at combating money laundering, terrorist financing, and other related threats to the global financial system. Jamaica’s progress in implementing these recommendations reflects its commitment to protecting its financial system from illicit activities.

Recognition by FATF

The country’s efforts have been recognized by the FATF, which has praised Jamaica for its significant progress in implementing the recommendations. The report notes that Jamaica is largely compliant with many of the recommendations, and partially compliant with others. However, there are areas where the country needs to improve, including the regulation and supervision of certain financial institutions and the reporting of suspicious transactions.

Conclusion

Overall, Jamaica’s risk-based approach to AML/CFT demonstrates its commitment to protecting its financial system and preventing the misuse of its financial infrastructure for illicit activities.

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