EU Removes Jamaica and Barbados from High-Risk Money Laundering List

• Jamaica and Barbados are no longer considered high-risk jurisdictions for money laundering and terrorist financing by the European Union, following a significant update to the EU’s official list of countries requiring enhanced financial scrutiny.
• The European Commission confirmed that both Caribbean nations, along with Gibraltar, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates, have been delisted after demonstrating substantial progress in strengthening their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. The Commission concludes that these countries have addressed the strategic deficiencies identified in their AML/CFT regimes. Therefore, the Commission deemed it appropriate to remove the listed countries.
• The list is part of the EU’s broader effort to safeguard its financial system. Under the EU Anti-Money Laundering Directive, entities operating within the bloc are required to exercise increased vigilance when dealing with countries on the high-risk list. The removal of Jamaica and Barbados is expected to reduce friction in financial transactions between these countries and EU-based institutions.
• The Commission’s decision follows a “thorough technical assessment” that considered criteria set by the Financial Action Task Force (FATF), the global watchdog on money laundering. The review included bilateral discussions, on-site visits, and analysis of reforms implemented by the delisted countries.
• According to the Commission, both Jamaica and Barbados met the requirements laid out in action plans previously agreed upon with the FATF. No other Caribbean nation was delisted.

(Source: Caribbean National Weekly)