Jamaica’s Financial Crimes Statistics Show Improvement in 2023

=====================================================

Jamaica has made significant progress in combating money laundering and terrorist financing, according to the latest report by the Basel AML Index. The country’s financial crimes statistics have seen a slight improvement, with an index score of 5.29 in 2023, compared to 5.37 points awarded the previous year.

Downward Trend since 2017

The risk index has been on a downward trend since 2017, indicating a positive shift in Jamaica’s efforts to combat financial crimes. This achievement is attributed to the country’s concerted efforts to strengthen its financial regulations and institutions.

Factors Contributing to Improved Score

• Strengthened financial regulations
• Improved institutional capabilities

The Basel AML Index is a composite score that combines 16 different indicators related to corruption, financial standards, political disclosure, and rule of law to measure the risk level of money laundering and terrorist financing in various countries. The numbers used are based on publicly available sources such as:

Publicly Available Sources

• Financial Action Task Force (FATF)
• Transparency International
• World Bank
• World Economic Forum

Continued Efforts Needed

The report suggests that Jamaica’s improved score is a starting point for further investigation into the country’s financial systems and institutions. Authorities have been urged to continue implementing robust measures to prevent and detect financial crimes, thereby ensuring a safer financial environment for citizens and investors alike.

By continuing to strengthen its financial regulations and institutions, Jamaica can maintain its progress and become an even more attractive destination for investment and economic growth.