With the upcoming legal tender status of £20 and £50 paper banknotes by the Bank of England (BOE) subject to a withdrawal at the end of September, Jamaica’s Central Bank says for the time being it will continue to accept and exchange the bills.

In a statement yesterday (September 2), the Bank of Jamaica (BOJ) advised that the decision will be guided by its anti-money laundering (AML) policy and operating procedures, with specific verification and due diligence processes being maintained. 

At the September 30 expiry date, only polymer banknotes will be legal tender, according to disclosure by the Bank of England.

See BOJ statement in full below:

“Bank of England (BOE) will withdraw legal tender status of £20 and £50 paper banknotes on September 30, 2022. 

After this date, only polymer banknotes will be legal tender. 

However, Bank of Jamaica will continue to exchange the £20 and £50 paper banknotes following the usual verification of the authenticity of the notes and customer due diligence, as required by the bank’s anti-money laundering (AML) policy and operating procedures. 

The bank accepts all foreign currencies for which it publishes a counter rate. Therefore, until otherwise advised, Bank of Jamaica will continue to accept these £20 and £50 paper banknotes for exchange at its banking counters.” 

For further details, business interests and the general public are encouraged to read more here on the BOE’s action.