The Government of Jamaica has announced that the country has been officially removed from the Financial Action Task Force (FATF) Grey List.

Labelling it a “significant milestone”, the Government said in a release Friday that the removal underscores Jamaica’s commitment to strengthening its anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks, ensuring compliance with international standards.

The FATF Grey List includes jurisdictions that have strategic deficiencies in their AML/CFT regimes but have committed to addressing them.

Jamaica's removal from this listing is the result of diligent efforts by the Administration and relevant authorities to implement comprehensive reforms and enhance the effectiveness of the country’s financial systems, the release said.

Over the past few years, the Administration said it has made significant progress in several key areas spearheading remarkable legislative reforms and institutional improvements.

The country’s inclusion on the Grey List meant that many Jamaicans and their business operations were placed under undue scrutiny and their financial transactions flagged leading to increased paperwork and costly delays.

Prime Minister Andrew Holness was thrilled when he heard the announcement.

“This is a monumental step forward for Jamaica. The Administration’s assiduous labour and many tough decisions to strengthen our financial systems and compliance mechanisms have borne fruit. We will continue to work diligently to maintain these standards and protect the integrity of our financial sector,” Holness said.

He also thanked Minister of Finance and the Public Service, Dr Nigel Clarke for his leadership in seeing this process through.

Dr Nigel Clarke said:

Jamaica’s removal from the FATF Grey List is a testament to our people’s unwavering commitment to good governance and the rule of law. This accomplishment enhances Jamaica’s reputation on the global stage. It also fosters a more secure and stable economic environment and investment atmosphere for our citizens, investors and entrepreneurs.

The prime minister extended his gratitude to all stakeholders, which includes the several ministries and agencies of government, the Parliament of Jamaica and the judiciary.

He also expressed appreciation to the private sector, particularly our financial institutions and other industry professionals who worked with the Administration to implement these strenuous reforms.

The Government said the removal from the FATF Grey List paves the way for increased foreign and local investment and stronger international financial arrangements.

“Investors can now have greater confidence in Jamaica’s financial system, which will lead to elevated economic opportunities and growth for every Jamaican.

“Today’s development is expected to attract more foreign direct investment, facilitate better access to international banking services for our people and their business, and foster an environment conducive to transnational business expansion and innovation,” the Government said.

The Government also said it remains steadfast in its dedication to upholding the highest standards of financial integrity and will continue to work proactively to prevent financial crimes and protect the interests of its citizens.