Jamaica’s Efforts to Combat Money Laundering Receive Mixed Review in Latest Report

The Financial Action Task Force (FATF) has released its latest assessment of Jamaica’s progress in implementing measures to prevent money laundering and terrorist financing. While the country has made significant strides in certain areas, it still lags behind in others.

Strengths

• Jamaica has implemented technical requirements for assessing risk and applying a risk-based approach.
• National cooperation and coordination efforts have been established.
• Laws criminalizing money laundering and terrorist financing are in place.

Weaknesses

• Measures to confiscate illegal funds have not been fully implemented.
• Effective targeting of financial sanctions related to terrorism and terrorist financing is lacking.
• Record-keeping practices need improvement, with the country failing to maintain comprehensive records of transactions and activities.
  • Laws governing non-profit organizations are deemed inadequate.
  • Financial institution secrecy laws require revision.

Progress in Implementing Measures

• Jamaica has made significant progress in implementing measures to prevent money laundering through correspondent banking relationships and new technologies such as digital currencies.

Areas for Improvement

• Enhance laws and regulations governing anti-money laundering efforts.
• Improve customer due diligence practices.
• Increase transparency in beneficial ownership of legal persons and arrangements.
• Implement measures to confiscate illegal funds and effectively target financial sanctions related to terrorism and terrorist financing.

Conclusion

While Jamaica has made progress in combating money laundering and terrorist financing, there is still much work to be done to ensure the country’s financial system is robust and secure. The report highlights several areas where improvement is necessary to bring Jamaica into compliance with international standards.