KINGSTON, Jamaica, CMC—The Jamaica authorities introduced Friday that the island has been faraway from the Monetary Motion Process Power’s (FATF) ‘gray checklist’ of nations assessed as having deficiencies of their Anti-Cash Laundering/Countering the Financing of Terrorism (AML/CFT) regimes.
“I’m proud to share that the Monetary Motion Process Power (FATF), at its Plenary in Singapore on Friday, June 28, 2024, eliminated Jamaica from its ‘Gray Record’ of nations which can be assessed as having strategic deficiencies of their Anti-Cash Laundering/Countering the Financing of Terrorism (“AML/CFT”) Regimes,” stated Finance and the Public Service Minister, Dr. Nigel Clarke, who led the Jamaican delegation to the FATF conferences in Singapore this week.
He stated that the FATF, in a press release, welcomed “Jamaica’s important progress in bettering its AML/CFT regime” and that “Jamaica strengthened the effectiveness of its AML/CFT regime to satisfy the commitments in its motion plan relating to the strategic deficiencies that FATF recognized in February 2020.
“As such, FATF concluded that Jamaica is “not topic to FATF’s elevated monitoring course of,” Clarke stated, including, “This can be a important achievement for Jamaica.”
In February 2020, Jamaica was positioned on the Gray Record by FATF, indicating that placement on FATF’s “Gray Record” alerts worldwide monetary and different establishments to take particular care when transacting with entities and people from a FATF “Gray Listed” nation.
“This makes transacting with FATF “Gray Listed” nations costlier. Within the aftermath of the FATF “Gray Itemizing,” the Authorities of Jamaica (GOJ) agreed to a 13-point motion plan with FATF to deal with Jamaica’s AML/CFT deficiencies,” Clarke stated.
He stated regardless of the “dislocating onset of the COVID-19 pandemic shortly after we agreed to this motion plan, Jamaica delivered on the complete vary of legislative and regulatory reforms detailed in Jamaica’s motion plan and ensured that the implementation of those was efficient”.
Clarke stated a joint group from FATF visited Jamaica six weeks in the past for an onsite go to to evaluate the effectiveness of Jamaica’s implementation of our motion plan.
He stated the group confirmed to FATF that Jamaica has a “strong and complete understanding of its cash laundering and terrorist financing dangers. In its report back to FATF, the Joint Group highlighted that, in some situations of the implementation of its AML/CFT framework, Jamaica was an instance of worldwide good observe.”
Clarke acknowledged that “this has not been a straightforward course of,” including, “it has required painstakingly detailed and complete work throughout the GOJ principally throughout the very demanding and troublesome time of the COVID-19 pandemic and its aftermath”.
Clarke stated he was grateful to Prime Minister Andrew Holness, who gave him the area and assist to do what was vital to make sure the achievement of those outcomes, and to his Cupboard colleagues for the collaboration and teamwork that made this achievement attainable.
He additionally praised “all of the hardworking and dedicated public servants” who serve on the multi-agency Nationwide Anti-Cash Laundering Committee (“NAMLC”), which was strengthened in 2021.
Clarke stated it’s chargeable for the overall oversight of the AML/CFT coverage in Jamaica and making certain adherence to the FATF 40 suggestions, of which he serves as chairman.
He additionally praised the FATF, the Caribbean Motion Process Power (CFATF), and Jamaica’s bilateral and multilateral companions, with out whom Jamaica would have been hard-pressed to realize these outcomes.
Clarke stated that as Jamaica prepares to imagine the Chair of the CFATF in December 2024, when Kingston hosts the group’s 59th Plenary, “we pledge our unwavering dedication to making sure that Jamaica builds on this achievement and maintains up-to-date with the la.
“So, whereas we have a good time this milestone achievement, we now have to sit up for guarantee we by no means once more give the worldwide normal setter for AML/CFT/CPF issues a purpose to gray checklist Jamaica.
“As such, Jamaica, like different nations, is now making ready for the globally relevant fifth spherical of AML/CFT/CPF mutual evaluations scheduled to happen in mid-2026.”
Clarke stated that earlier than 2025, Jamaica would wish to amend or introduce new legal guidelines to manage digital belongings and digital asset suppliers, make the registration of non-profit organizations obligatory, and promulgate laws that handle sure focused monetary sanctions associated to proliferation.
“The central lesson from at this time’s achievement is that it demonstrates that no matter Jamaica focusses on, Jamaica can obtain,” Clarke added.
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