Senator Aubyn Hill - FILE PHOTO
Minister of Industry, Investment & Commerce Senator Aubyn Hill has welcomed Jamaica's removal from the the European Union's list of high-risk third countries for anti-money laundering and counter-terrorism financing.
Senator Hill says being removed from the Gray List will have positive economic effects, such as making it easier for people to invest in Jamaica and conduct financial transactions.
Mr. Hill, speaking Friday on Radio Jamaica's Beyond the Headlines, also outlined what led to a successful removal of Jamaica from the EU high-risk list, including establishing a legislative mechanism to determine the beneficial owners of companies, under the Companies Act.
That allowed the authorities "to go behind whichever barrier they've put up, or shade, and find out who were the beneficial owners," he explained.
With Jamaica's removal from the Gray List, financial institutions in EU member states will no longer be required to apply enhanced due diligence measures to transactions involving this country.
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