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Ja would make progress in anti-revenue laundering endeavours

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Ja would make development in anti-funds laundering initiatives

BY ALICIA DUNKLEY-WILLIS
Senior staff members reporter
[email protected]

Wednesday, January 20, 2021

FINANCE Minister Dr Nigel Clarke is optimistic that in a further two many years Jamaica’s anti-cash laundering and counter-financing of terrorism framework ought to be at the stage wherever it can get the full stamp of approval from the Caribbean Money Motion Job Pressure (CFATF).&#13

CFATF is an organisation of states and territories of the Caribbean basin which have agreed to carry out widespread countermeasures versus income laundering and terrorism financing suggested by the Fiscal Motion Task Force (FATF), a international revenue laundering and terrorist financing watchdog.

Jamaica’s mutual evaluation report versus the Worldwide Criteria on Combating Money Laundering and the Funding of Terrorism and Proliferation (“FATF 40” Tips) was carried out in 2015 by CFATF and released by CFATF in 2017. The report reflected a substantial quantity of deficiencies in Jamaica’s legislative framework. The place been given a rating of compliant or largely compliant with 17 out of the 40 tips and based mostly on that final result, Jamaica was placed in the CFATF’s improved adhere to-up approach and, as this kind of, is demanded to post a abide by-up report at one particular of CFATF’s two plenaries held yearly. In December 2020, Jamaica submitted the third comply with-up report, considering that its mutual evaluation report was printed in early 2017.

In this 3rd follow-up report in December, Jamaica applied for a re-score in 19 of the 40 FATF suggestions in which it was earlier considered possibly partially compliant or non-compliant and been given upgrades in 12.

Jamaica desires to be compliant or largely compliant with at minimum 32 of the 40 suggestions to appear out of the stick to-up system with CFATF.

“Jamaica is now compliant or largely compliant with 27 of FATF’s 40 suggestions, a substantial advancement above compliance or partial compliance with only 17 out of 40 FATF tips,” Clarke instructed Parliament yesterday..

“This is a enormous, favourable modify,” the finance minister stated, adding that the Administration stays committed to guaranteeing the adequacy of the pertinent laws and infrastructure desired to “effectively disrupt the positive aspects of the proceeds of crime and disrupt the funding of any money crime”.

“In so performing, we are on the highway to obtaining Jamaica’s elimination from the CFATF increased adhere to-up process,” Clarke explained.

“We want to be able, on our up coming application to CFATF, go up from the 27 I cannot say we will get from there to 32 due to the fact some of the issues we have still left are hard, but I would say inside two decades we really should be capable to do that, hopefully before, but we should be ready to do that on CFATF,” reported the minister.


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