Jamaica To Complete Three More Steps For Removal From FATF Grey List  

• Finance Minister Dr. Nigel Clarke says Jamaica only has three more steps to complete before meeting the Financial Action Task Force (FATF) requirements for removal from the grey list. Speaking during a radio interview on Wednesday, Dr. Clarke said progress is being made to meet the October deadline. 
• He highlighted that the three outstanding matters are to operationalise risk-based supervision of beneficial ownership by the Companies Act; of lawyers by the General Legal Counsel; and of trust and corporate service providers by the Financial Services Commission.
• He noted that once that risk-based supervision is demonstrably operationalised by those three regulatory bodies, Jamaica will then be able to apply for an on-site examination where FATF will come to Jamaica and verify for themselves that these actions have indeed been taken, the operationalization is indeed in effect, and then if that on-site is successful, Jamaica will be able to be removed from this grey list.
• Countries which fall on the grey list are subject to increased monitoring, as the entity deems them as needing to address certain gaps in their terrorist financing and money laundering regimes.
• If Jamaica does not meet the October deadline, further enhanced restrictions could be put in place for financial transactions and business relations being conducted on the island.

(Source: RJR News)