Gov’t Welcomes Decision to Remove Jamaica and Barbados from EU Financial Risk List

• The Government has welcomed the European Parliament’s endorsement of the European Commission’s recommendation to delist Jamaica and Barbados from the European Union (EU) roster of high-risk third countries for anti-money laundering and counter-terrorism financing (AML/CFT).
• The decision, on Wednesday (July 9), followed concerns raised by Jamaica’s Prime Minister, Dr. the Most Hon. Andrew Holness, and Prime Minister of Barbados, Hon. Mia Mottley, regarding delays in removing both countries from the list.
• In their addresses during the just-concluded 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) in Montego Bay, both leaders noted that Jamaica and Barbados remained on the EU’s high-risk list due to procedural technicalities within the European Parliament.
• In a communiqué following the CARICOM Meeting, the European Parliament noted that in its vote on Wednesday (July 9), it decided to “not object to the Commission’s proposal on updating the EU list of high-risk third countries and territories with deficiencies in their regime on fighting money-laundering and terrorist financing, as none of the resolutions on objection secured majority support”. As a result, Jamaica, Barbados, Gibraltar, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates were officially removed from the EU list.
• Reacting to the update on his official social media platforms, Prime Minister Holness described the development as a significant step forward for Jamaica and Barbados, as well as the wider CARICOM region.

(Source: JIS)