Title: Jamaica’s Progress Towards Financial Anti-Money Laundering Compliance: FATF Evaluation

Jamaica, a vibrant economy in the Caribbean, is working diligently to fully comply with the Financial Action Task Force (FATF) Recommendations for combating money laundering and terrorism financing.

According to the latest FATF Follow-Up Report for Jamaica published in 2022, the country is making progress in implementing the technical requirements of the FATF Recommendations. Here are the assessments:

Risk Assessment (R.1)

• Jamaica is largely compliant as it continues to strengthen its risk assessment methodology and risk-based approach.

National Cooperation and Coordination (R.2)

• The country is largely compliant as various regulatory bodies and law enforcement agencies are sharing information and expertise to enhance anti-money laundering efforts.

Money Laundering Offenses (R.3)

• Jamaica is now partially compliant as amendments to its Money Laundering Prevention Act have been implemented.

Confiscation and Provisional Measures (R.4)

• The country is making progress towards compliance as relevant legislation has been passed, and enforcement efforts are being stepped up.

Terrorist Financing Offenses (R.5)

• Jamaica continues to be largely compliant, having strengthened its regulatory framework to address the financing of terrorism.

Financial sanctions (R.6 to R.7)

• The country is partially compliant as it continues to enhance its mechanisms for implementing targeted financial sanctions related to terrorism and proliferation.

Non-profit organizations (R.8)

• Jamaica is partially compliant, with some improvements being made in the area of registration and reporting requirements for non-profit organizations.

Financial institution secrecy laws (R.9)

• The country is now compliant following the repeal of its Banking Secrecy Law.

Customer due diligence (R.10)

• Jamaica is largely compliant but continues to enhance its processes to strengthen customer due diligence and ongoing monitoring.

Record keeping (R.11)

• The country is largely compliant, ensuring that institutions are maintaining adequate records to facilitate financial analysis.

The full report includes numerous other technical requirements under various Recommendations, with assessments ranging from compliant and largely compliant to partially compliant and non-compliant. Jamaica continues to work towards becoming fully compliant, with ongoing efforts in areas like correspondent banking, wire transfers, internal controls, and reporting of suspicious transactions.

As the FATF evaluations continue to provide guidance and feedback to Jamaican authorities, the country remains committed to strengthening its financial anti-money laundering framework in line with international best practices.

Other key assessments

• Correspondent banking: Jamaica remains under increased monitoring due to its deficiencies in this area.
• Internal controls: Jamaica is making progress but needs to strengthen its internal controls in financial institutions.
• Reporting of suspicious transactions: Jamaica is partially compliant and needs to improve its mechanisms for reporting and investigating suspicious transactions.

The FATF evaluation reflects the ongoing efforts by Jamaica to combat money laundering and terrorism financing, and the country remains committed to making further progress towards full compliance.