Jamaica cleared from FATF’s Gray Checklist

The Monetary Motion Activity Drive (FATF), throughout its Plenary held in Singapore on June 28, 2024, introduced the removing of Jamaica from its Gray Checklist, which incorporates nations with strategic deficiencies of their Anti-Cash Laundering/Countering the Financing of Terrorism (AML/CFT) frameworks. 

This resolution marks a major step ahead for Jamaica, showcasing its enhanced regulatory measures and dedication to worldwide monetary requirements.

Overcoming challenges amidst international crises

Regardless of the disruptions attributable to the COVID-19 pandemic shortly after agreeing to a complete 13-point motion plan with FATF in February 2020, Jamaica has efficiently applied a sequence of legislative and regulatory reforms. 

These efforts had been aimed toward addressing the deficiencies highlighted by FATF. 

The strong response included navigating by means of the financial and social challenges posed by the pandemic, and demonstrating resilience and dedication to reform.

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Recognition of efficient implementation

A latest onsite go to by a Joint Group from FATF confirmed Jamaica’s efficient execution of the agreed-upon motion plan. 

The group highlighted Jamaica’s complete understanding of its dangers associated to cash laundering and terrorist financing, even citing some cases the place Jamaica set a world precedent within the implementation of its AML/CFT framework.

Acknowledgments and future commitments

Dr. Nigel Clarke, Minister of Finance and the Public Service, expressed gratitude in direction of numerous stakeholders, together with Prime Minister Andrew Holness and different governmental colleagues, for his or her help in reaching these reforms. 

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The Nationwide Anti-Cash Laundering Committee (NAMLC), which performed a pivotal position in coordinating these efforts, acquired explicit reward for its effectiveness.

As Jamaica prepares to imagine the Chair of the Caribbean Motion Activity Drive (CFATF) in December 2024, Minister Clarke reaffirmed the nation’s dedication to sustaining the very best requirements in AML/CFT and Countering Proliferation Financing (CPF). 

Wanting ahead, Jamaica is gearing up for the fifth spherical of AML/CFT/CPF mutual evaluations in mid-2026, with plans to introduce rules that deal with new challenges such because the regulation of digital property and suppliers.

Steady enchancment and international requirements

As Jamaica celebrates this achievement, the main target stays on steady enchancment to make sure that the nation stays compliant with evolving international requirements. 

This proactive strategy is essential to keep away from any future dangers of being grey-listed once more, sustaining the integrity of Jamaica’s monetary system on the worldwide stage.