Jamaica’s progress in strengthening measures to tackle money laundering and terrorist financing
Port of Spain, Trinidad and Tobago, January 12th, 2020 – As a result of Jamaica’s progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 19 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 and counter-terrorist financing (AML/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:
2- National co-operation and co-ordination from partially compliant to largely compliant
6 - Targeted financial sanctions related to terrorism and terrorist financing from non-compliant to largely compliant
8 - Non-profit organisations from non-compliant to partially compliant
10 - Customer due diligence from partially compliant to largely compliant
11- Record Keeping from partially compliant to largely compliant
12- Politically Exposed Persons from partially compliant to compliant
14- Money Value Transfer Services from partially compliant to largely compliant
15- New Technologies from compliant to partially compliant
17 – Reliance on third parties from partially compliant to largely compliant
18- Internal Controls and foreign branches and subsidiaries from partially compliant to largely compliant
19 - Higher-risk countries from partially compliant to largely compliant
21 - Tipping-off and confidentiality from partially compliant to compliant
33- Statistics from partially compliant to compliant
The CFATF agreed to maintain the largely compliant for Recommendation 5 and the partially compliant rating for Recommendations 1, 7, 22, 23 and 24.
The report also looks at whether Jamaica’s measures meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.
Click here to access The FUR