Finance Minister Dr Nigel Clarke has confirmed that Jamaica will remain, at least until 2023, on the Financial Action Task Force's grey list of countries which are not fully responding to its concerns over addressing money laundering.
Dr Clarke, speaking Monday on Radio Jamaica’s Beyond the Headlines, explained that, while Jamaica has completed several steps to satisfy international requirements, one court case as well as some legislative changes remain outstanding.
The Financial Action Task Force is the global money laundering and terrorist financing watchdog, while the grey list comprises countries that are subject to increased monitoring.
In order to be removed from the list, Jamaica was required to implement 13 action items, of which the minister confirmed seven have been completed.
One of the major remaining items is the case now before the UK Privy Council involving the Jamaican Bar Association and the General Legal Council, a case involving lawyer client privilege, among other issues.
Dr Clarke suggests that as long as this matter is pending, Jamaica will maintain its position on the list and could slip even further.
Among the other outstanding items, requiring urgent action, he highlighted the planned amendment to the Companies Act, in relation to the provision of beneficial ownership information, "and we're targeting for that bill to get to Parliament by February or March."
Another pending change relates to the Charities Act regulations, "to ensure that charties come under risk-based supervision," to be accomplished by February/March next year as well, he pledged.