Financial Crime World

Title: Jamaica’s Significant Strides in Strengthening Anti-Money Laundering Regime

Subtitle: Compliant with 37 of 40 CFATF Recommendations

Jamaica has made notable progress in enhancing its anti-money laundering (AML) and counter-terrorism financing (CTF) regime. The country is now compliant or largely compliant with 37 of the 40 major recommendations issued by the Caribbean Financial Action Task Force (CFATF).

CFATF Evaluation Results

  • Substantial Progress: Jamaica has made significant strides in addressing areas of non-compliance since its last evaluation in 2021.
  • Government’s Efforts: The government’s commitment to adhering to international standards against financial crimes is recognized.
  • Remaining Recommendations: CFATF encourages Jamaica to implement the remaining recommendations in its ongoing commitment to a robust system.

CFATF Commendation

The CFATF commended Jamaica for its dedication and progress in strengthening its AML/CTF regime.

  • Next Evaluation: The next on-site evaluation is scheduled for 2025.

International Attention and Challenges

  • Increased International Scrutiny: Financial crimes, particularly money laundering and terrorist financing, have drawn increased international attention.
  • Global Money Laundering and Terrorist Financing Risk Assessment: The CFATF evaluation followed the Financial Action Task Force (FATF) release of its global money laundering and terrorist financing risk assessment.
  • Caribbean Regions: Key risks and vulnerabilities in the Caribbean region were identified.

Regional Cooperation

The progress made by Jamaica serves as an example for other Caribbean countries striving to improve their AML/CTF frameworks and meet international standards.

  • Robust and Effective System: Ongoing regional cooperation and sustained efforts from governments are crucial for building a more robust and effective system.

Continued Collaboration

Despite the advances, ongoing collaboration and support from international partners and organizations are essential to mitigate weaknesses and challenges faced by AML/CTF systems in the Caribbean and ensure a safer financial environment for all.