Jamaica removed from FATF “grey list” of countries

Jamaica has been removed from the Financial Action Task Force, FATF’s “grey list” of countries  assessed as having strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism, AML/CFT Regimes.

Finance Minister Dr. Nigel Clarke, who is in Singapore for FATF meetings, made the announcement this morning.

In a statement released by FATF on the conclusion of the plenary in Singapore, FATF welcomed “Jamaica’s significant progress in improving its AML/CFT Regime.

According to FATF,  “Jamaica strengthened the effectiveness of its AML/CFT Regime to meet the commitments in its action plan regarding the strategic deficiencies that FATF identified in February 2020”.

As such, FATF concluded that Jamaica is “no longer subject to its increased monitoring process.”

This is a significant achievement for Jamaica.

Jamaica was placed on the grey list by FATF in February 2020. 

Placement on the  “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 agreed to a 13-point action plan with FATF to address Jamaica’s AML/CFT deficiencies.

Despite the dislocating onset of the COVID-19 pandemic shortly after the agreement, Jamaica delivered on the full range of legislative and regulatory reforms detailed in the action plan and ensured that the implementation of these was effective.

A joint group from FATF visited Jamaica six weeks ago for an onsite visit to assess the effectiveness of Jamaica’s implementation of the 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.

Dr. Clarke says as Jamaica prepares to assume the Chair of the Caribbean Action Task Force in December 2024, when it hosts the organization’s 59th plenary, the country pledges its unwavering commitment to ensuring it builds on this achievement and maintains up-to-date with the latest global standards in the AML/CFT and Countering Proliferation Financing (“CPF”) spaces. 

Jamaica, like other countries, is now preparing for the globally applicable 5th round of AML/CFT/CPF mutual evaluations scheduled to take place in mid-2026.

Before the end of 2025, Jamaica will need to amend or introduce new laws.


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