Mon | May 10, 2021

Jamaica’s scores upgraded in blacklist report

Published:Wednesday | January 20, 2021 | 12:18 AM
Finance Minister Dr Nigel Clarke.
Finance Minister Dr Nigel Clarke.

Jamaica is now compliant with 27 of the 40 Financial Action Task Force (FATF) recommendations after receiving 12 upgrades in the latest Caribbean Financial Action Task Force (CFATF) report.

This was announced by Finance Minister Dr Nigel Clarke in Parliament on Tuesday.

Jamaica had applied for a rerating in 19 of the 40 FATF terms.

In the process, six of the ratings remained unchanged, while there was one downgrade as a result of changes in the requirement of that recommendation post finalisation of the last mutual evaluation, according to Clarke.

Jamaica still remains in the “follow-up process”, he said.

The country had been blacklisted because of several substantial deficiencies in its legislative framework that concern money laundering and the financing of terrorism and proliferation.

Nonetheless, the finance minister hailed the development as “a huge positive” for the country.

He stressed, however, that Jamaica needed to become compliant or largely compliant with at least 32 of the 40 recommendations to come out of the “follow-up process” with the CFATF.

Clarke said that the Government was working to strengthen its framework to disrupt the benefits and the proceeds of crime, as well as the funding of financial crimes.

“In doing so, we are on the road to achieving Jamaica’s removal from the CFATF enhanced follow-up process,” Clarke told Parliament.