Financial Crime World

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Jamaica’s Financial Sanctions Compliance: A Critical National Effort Required

As Jamaica continues its structural reform efforts, it has become increasingly clear that a unified national effort is needed to improve the country’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regime. The benefits of a strong AML/CTF framework are multifaceted and far-reaching, and it is imperative that Jamaica commits to an action plan to address its weaknesses.

Current State of Jamaica’s AML/CTF Regime

The current state of Jamaica’s AML/CTF regime is characterized by numerous deficiencies, including:

  • Lack of effective risk-based supervision of designated non-financial institutions and businesses
  • Ongoing court proceedings surrounding the monitoring of AML compliance by attorneys, which has created a significant obstacle to progress

Action Plan with the Financial Action Task Force (FATF)

To address these issues, Jamaica has developed an action plan with the FATF, which includes several key objectives:

  • Finalizing a comprehensive national risk assessment, including all designated non-financial institutions and businesses
  • Completing necessary legislative amendments to bring the microfinance sector under AML/CTF requirements

Additional Requirements

Jamaica must also ensure:

  • An increase in money laundering investigations that use financial intelligence information
  • Effective cooperation with other jurisdictions
  • Corresponding resourcing of the justice system
  • Amendments to laws governing the regulation of trusts and non-profit sectors to improve AML/CTF compliance
  • Remedying deficiencies in its framework for addressing UN-targeted financial sanctions related to terrorism and terrorist/proliferation financing

Committed National Effort Required

A committed national effort is required to achieve these objectives, involving public and private sector stakeholders. While technical assistance from multilateral and bilateral partners will be critical in supporting Jamaica’s efforts, the onus is on the country to demonstrate a commitment to improving its AML/CTF regime.

Tracking Progress and Compliance

Progress against the action plan will be tracked and publicly disclosed, and it is imperative that Jamaica prioritizes compliance with its FATF obligations. However, what is far more important is the significant benefit to Jamaica and Jamaicans of a strong AML/CTF framework, which includes:

  • Enhanced financial security
  • Increased international cooperation

Minister’s Commitment

As Minister of Finance and Public Service, I am committed to leading this effort and working with all stakeholders to ensure that Jamaica’s AML/CTF regime is strengthened and effective. Together, we can achieve this critical goal and reap the benefits of a strong financial system for our country and its citizens.