Jamaica Will Meet October Deadline For Removal From FATF Grey List - Clarke

• Finance Minister Dr. Nigel Clarke states that Jamaica has made significant strides in fulfilling most of the Financial Action Task Force (FATF) requirements. However, there remain three crucial areas to address before removal from the FATF grey list.
• 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.
• In a discussion with Radio Jamaica's Business Reporter Javaughn Keyes, Dr. Clarke expressed confidence in meeting the October deadline. Dr. Clarke emphasized that upon fulfilling these three conditions, Jamaica will formally request removal from the FATF grey list.
• The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. It sets international standards that aim to prevent these illegal activities and the harm they cause to society. 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.
• Achieving removal from the FATF grey list will elevate Jamaica's international financial reputation, potentially boosting foreign investments. This move indicates a robust commitment to fighting financial crimes, streamlining international transactions, and fostering a safer financial environment. Adhering to FATF's standards will also position Jamaica in line with global best practices, reducing external scrutiny and enhancing trade relations.

  (Source: RJR News)