Jamaica awaiting assessment after addressing issues flagged by FATF

 

The Bank of Jamaica says the country has addressed the thirteen outstanding issues flagged by the Financial Action Task Force (FATF).

 

These issues deal specifically with the Anti-money laundering/Combatting the Financing of Terrorism (AML/CFT) requirements, which have seen Jamaica on the FATF "grey list".

 

Deputy Governor of the BOJ Dr. Jide Lewis said the next step involves an assessment by FATF.

 

"Quite a bit of resources, time and effort has been spent trying to meet all 13 action items under that. I can say that all 13 action items have been addressed, but it really is now for FATF to make that determination that they're either largely met or met. And if they come to a determination that that is the case, we will hear by next week, maybe two weeks from now."

 

Meanwhile, the Finance Ministry said FATF gave approval for its America's Joint Group to conduct an on-site visit to Jamaica.

 

In a press release, the Ministry said the decision was made at the February 2024 Plenary meeting in Paris on Friday.

 

The visit will assess the effectiveness and sustainability of the measures the country has implemented to correct the 13 AML/CFT deficiencies, outlined in the 13-point action plan agreed with the FATF in February 2020.

 

The completed action items include a comprehensive national risk assessment ("NRA"), including, among other things a timebound strategic action plan to address the identified risks on a prioritised basis.

 

Jamaica was also required to enact several pieces of legislation including those which govern micro credit and the Trust and Corporate Services Providers sectors.

 

Other steps include the Privy Council agreeing to have lawyers be considered obliged entities under AML/CFT laws, including implementing risk-based supervision of the sector, and the implementation of requirements to disclose beneficial owners under the amended Companies Act.

 

After the Joint Group visits, a decision should be made on whether Jamaica will be removed from the grey list.

 

The FATF will have its next plenary in June 2024.