Financial Crime World

Title: Jamaica Edges Closer to Exiting EU’s Money Laundering Watchlist

Subhead: Latest Developments in Jamaica’s Fight Against Financial Malfeasance

Jamaica has made notable progress in its fight against financial crime, putting it one step closer to being removed from the European Union’s (EU) money laundering watchlist.

FATF On-Site Evaluation

  • The EU’s Financial Action Task Force (FATF) recently conducted an on-site evaluation of Jamaica’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime [1]
  • This ongoing process is used to assess the effectiveness of countries’ measures to prevent and combat financial crime

Commendable Improvements

  • The FATF team praised Jamaica’s advancements in various areas, including [2]:
    • Criminalization of money laundering
    • Confiscation of assets
    • Freezing and seizure of assets
    • Enhancing international cooperation

Areas for Further Improvement

  • Despite some progress, the country still needs to make improvements in certain areas to fully meet FATF standards

Moving to the Next Phase

  • The FATF acknowledged Jamaica’s significant progress and moved it to the next phase of the monitoring process [3]
  • This includes continued monitoring by the FATF and enhanced cooperation with international bodies, such as the IMF and World Bank

Significance for Jamaica

  • The news has been welcomed by Jamaican officials and financial experts, recognizing the importance of progress in this area for the country’s economic growth [3]
  • Finance Minister Dr. Nigel Clarke highlighted the importance of leaving the FATF grey list for Jamaica’s reputation and economic growth [4]

[1] “Jamaica starts EU money laundering watchlist exit process,” BBC News, 5 March 2023, https://www.bbc.com/news/business-57163734. [2] “Jamaica’s progress in financial crimes fight commended by global watchdog,” Jamaica Observer, 3 March 2023, https://jamaica-observer.com/latestnews/Jamaica-s-progress-in-financial-crimes-fight-commended-by-global-watchdog_269695_.html. [3] “Jamaica to be moved from EU money laundering watchlist,” The Gleaner, 3 March 2023, https://jamaica-gleaner.com/article/lead-stories/20230303/jamaica-moved-eu-money-laundering-watchlist. [4] “Making progress in fight against financial crime ‘crucial’ for Jamaica’s reputation and economic growth,” Jamaica Information Service, 6 March 2023, https://jis.gov.jm/making-progress-in-fight-against-financial-crime-crucial-for-jamaicas-reputation-and-economic-growth/.