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Ja makes progress in anti-money laundering efforts

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Ja makes progress in anti-money laundering efforts

BY ALICIA DUNKLEY-WILLIS
Senior employees reporter
dunkleywillisa@jamaicaobserver.com

Wednesday, January 20, 2021

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FINANCE Minister Dr Nigel Clarke is optimistic that in one other two years Jamaica’s anti-money laundering and counter-financing of terrorism framework must be on the stage the place it might get the total stamp of approval from the Caribbean Monetary Motion Process Drive (CFATF).

CFATF is an organisation of states and territories of the Caribbean basin which have agreed to implement frequent countermeasures towards cash laundering and terrorism financing advisable by the Monetary Motion Process Drive (FATF), a world cash laundering and terrorist financing watchdog.

Jamaica’s mutual analysis report towards the Worldwide Requirements on Combating Cash Laundering and the Financing of Terrorism and Proliferation (“FATF 40” Suggestions) was carried out in 2015 by CFATF and revealed by CFATF in 2017. The report mirrored a considerable variety of deficiencies in Jamaica’s legislative framework. The nation obtained a ranking of compliant or largely compliant with 17 out of the 40 suggestions and based mostly on that end result, Jamaica was positioned within the CFATF’s enhanced follow-up course of and, as such, is required to submit a follow-up report at certainly one of CFATF’s two plenaries held yearly. In December 2020, Jamaica submitted the third follow-up report, since its mutual analysis report was revealed in early 2017.

On this third follow-up report in December, Jamaica utilized for a re-rating in 19 of the 40 FATF suggestions by which it was beforehand deemed both partially compliant or non-compliant and obtained upgrades in 12.

Jamaica must be compliant or largely compliant with at the least 32 of the 40 suggestions to return out of the follow-up course of with CFATF.

“Jamaica is now compliant or largely compliant with 27 of FATF’s 40 suggestions, a considerable enchancment over compliance or partial compliance with solely 17 out of 40 FATF suggestions,” Clarke advised Parliament yesterday..

“This can be a large, constructive change,” the finance minister mentioned, including that the Administration stays dedicated to making sure the adequacy of the related legal guidelines and infrastructure wanted to “successfully disrupt the advantages of the proceeds of crime and disrupt the financing of any monetary crime”.

“In so doing, we’re on the highway to reaching Jamaica’s removing from the CFATF enhanced follow-up course of,” Clarke mentioned.

“We wish to have the opportunity, on our subsequent software to CFATF, go up from the 27; I can not say we’ll get from there to 32 as a result of a number of the issues we’ve left are troublesome, however I’d say inside two years we should always have the ability to try this, hopefully earlier than, however we should always have the ability to try this on CFATF,” mentioned the minister.

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