FATF Removes Jamaica from Grey List

• “I am proud to share that the Financial Action Task Force, at its Plenary in Singapore on Friday, June 28, 2024, removed Jamaica from its ‘Grey List’ of countries that are assessed as having strategic deficiencies in their Anti-Money Laundering/Countering Financing of Terrorism (“AML/CFT”) Regimes”. The Minister Finance and the Public Service, Nigel Clarke, issued the aforementioned statement from the Financial Action Task Force (FATF) meetings in Singapore last week “
• This is a significant achievement for Jamaica. In February 2020, Jamaica was placed on the Grey List by FATF. Placement on FATF’s “Grey List” signals to international financial and other institutions to take special care when transacting with entities and individuals from a FATF “Grey Listed” country. This makes transacting with FATF “Grey Listed” countries more expensive.
• In the aftermath of the FATF “Grey Listing”, the Government of Jamaica (“GOJ”) agreed to a 13-point action plan with FATF to address Jamaica’s AML/CFT deficiencies. A Joint Group from FATF visited Jamaica six weeks ago for an onsite visit to assess the effectiveness of Jamaica’s implementation of Jamaica’s action plan.
• The Joint Group confirmed to FATF that Jamaica has a robust and comprehensive understanding of its money laundering and terrorist financing risks and in its report to FATF, the Joint Group highlighted that, in some instances of the implementation of its AML/CFT framework, Jamaica was an example of global good practice.

(Source: JIS)