Jamaica Committed to Implementing Best Practices in Combating Money Laundering, Financing of Terrorism and Proliferation

The Financial Services Commission (FSC) of Jamaica has reaffirmed its commitment to implementing best practices in combating money laundering, the financing of terrorism, and the financing of proliferation. As a Competent Authority under several pieces of legislation, including the Proceeds of Crime Act, Terrorism Prevention Act, and United Nations Security Council Resolutions Implementation Act, the FSC plays a pivotal role in Jamaica’s efforts to prevent these illegal activities.

Role of the Financial Services Commission

The FSC is a key member of the National Anti-Money Laundering Committee (NAMLC), which is responsible for overseeing AML/CFT policy in Jamaica. As such, the FSC has developed Guidelines on AML/CFT/CPF, which provide general guidance to regulated entities on the prevention and detection of money laundering, terrorist financing, and proliferation financing in Jamaica.

Guidelines on AML/CFT/CPF

The Guidelines represent best practice for the development of AML/CFT/CPF procedures in line with applicable law and international standards. Failure to comply with the provisions of the Guidelines may lead to enforcement action in the courts and/or applicable administrative sanctions. Therefore, registrants and licensees are urged to pay particular attention to the Guidelines.

Regulatory Framework

The FSC has framed its AML/CFT/CPF regulatory framework in accordance with international best practices and standards. The agency is committed to cooperation with local and overseas regulatory authorities and partner agencies. To assist regulated entities in implementing and maintaining compliance regimes, the FSC has developed guidelines that provide practical guidance on how to develop AML/CFT/CPF procedures in line with applicable law and international standards.

Assistance from the FSC’s AML Unit

The FSC’s AML Unit provides assistance and intervention whenever needed. Registrants and licensees are encouraged to seek its help when implementing and maintaining compliance regimes.

Conclusion

With the FSC at the forefront of Jamaica’s efforts to combat money laundering, financing of terrorism, and proliferation financing, the country is well-positioned to meet international standards and best practices in this area. The FSC’s commitment to implementing best practices will help to ensure that Jamaica remains a responsible member of the global financial community.