Jamaica’s progress in strengthening measures to tackle money laundering and terrorist financing
Port of Spain, Trinidad and Tobago, December 19th, 2022 – As a result of Jamaica’s progress in strengthening its framework to tackle money laundering (ML) and terrorist financing (TF) since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 6 of the 40 Recommendations.
Jamaica has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Jamaica’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Jamaica has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.
This report analyses Jamaica’s progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation.
To reflect this progress, the CFATF has re-rated Jamaica on the following Recommendations:
1- Assessing Risk and applying a risk-based approach from partially compliant to largely compliant
25– Transparency and Beneficial Ownership of legal arrangements from partially compliant to compliant
26- Regulation and Supervision of Financial Institutions from partially compliant to largely compliant
27 – Powers of Supervisors from partially compliant to largely compliant
35- Sanctions from partially compliant to largely compliant
40- Other forms of Cooperation from partially compliant to largely compliant
Click here to access the FUR