Jamaica is among seven new countries which have been placed on a grey list by Financial Action Task Force (FATF) for gaps or failures in stemming the financing of terrorist groups or money laundering.
The list emerged from FATF’s deliberations on global action to track terrorism funding, which was held from February 19 to 21 in Paris, France, and chaired by its president, Xiangmin Liu of the People’s Republic of China.
Jamaica and Barbados are the only two countries from the Caribbean that have been added to the list, which also includes Albania, Mauritius, Myanmar, Nicaragua, and Uganda. This means these countries are subject to increased monitoring FATF said.
“When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed time frames and is subject to increased monitoring,” FATF said.
The session was attended by more than 800 delegates, representing the global network of 205 countries and jurisdictions and international organisations including the International Monetary Fund, United Nations, and World Bank.
FATF explained that jurisdictions under increased monitoring are actively working with the organisation to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
Jamaica, it noted, has made a high-level political commitment to work with the FATF and the Caribbean Financial Action Task Force to strengthen the effectiveness of its anti-money laundering/combating the financing of terrorism (AML/CFT) regime.