Gov't celebrates Jamaica's removal from FATF grey list

 

The government is celebrating the decision of the Financial Action Task Force (FATF) to remove Jamaica from its grey list of countries that are assessed as having deficiencies in their Anti-Money Laundering/Countering the Financing of Terrorism regimes.

 

The decision came on Friday at the FATF's Plenary in Singapore.

 

In February 2020, Jamaica was placed on the "Grey List" by the Financial Action Task Force which caused major concerns for the Andrew Holness led administration.

 

Finance Minister Dr. Nigel Clarke, who led a delegation to the FATF meetings this week, said the organisation welcomed Jamaica's significant progress in improving its AML/CFT regime.

 

Dr. Clarke said the FATF's release stated that Jamaica strengthened the effectiveness of its AML/CFT regime to meet the commitments in its 13-point action plan regarding the strategic deficiencies that the organisation identified in February 2020.

 

As such, the FATF concluded that Jamaica is no longer subject to its increased monitoring process.

 

Dr. Clarke touted the development as a significant and momentous achievement for Jamaica. 

 

"This is a significant and momentous achievement for Jamaica. Placement on FATF's grey list signals to international financial institutions to take special care when transacting with entities and individuals from a FATF grey-listed  country. This makes transacting with a FAFT grey-listed country more expensive. Now, remember that this was during the COVID-19 pandemic, but despite the dislocating onset of the pandemic, shortly after we agreed to this action plan, Jamaica delivered on the full range of the legislative and regulatory reforms detailed in Jamaica's action plan and ensured that the implementation of these was effective," he said. 

 

Prime Minister Andrew Holness also described Jamaica's removal from the FAFT grey list as a major achievement.

 

He said the milestone is a reflection that his administration is committed to sustainably transforming the country. 

 

"The important point is that process is important. There is indeed great frustration in the population regarding the length of time it takes for transformational actions to materialise. But what we have learned from the past is that it doesn't make sense to do things without a process. They are usually not sustainable and you end up having to redo them," he acknowledged. 

 

Mr. Holness said his administration has been focused on following a process, which he said usually involves consultation. 

 

"It involves the establishment of transparent rules. It involves systems of oversight. It involves the introduction of competitive systems, and all of that takes time," he added.