Durrant Pate/Contributor

Jamaica and Barbados have been removed from the European Union (EU) list of high-risk jurisdictions for money laundering and terrorist financing, following a significant update to the official list of countries requiring enhanced financial scrutiny.

The European Commission today confirmed that both Caribbean nations along with Gibraltar, Panama, the Philippines, Senegal, Uganda, and the United Arab Emirates have been delisted. This comes after they have demonstrated substantial progress in strengthening their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. 

The removal of Jamaica and Barbados is expected to reduce friction in financial transactions between these countries and EU-based institutions. The decision follows a “thorough technical assessment” that considered criteria set by the Financial Action Task Force (FATF), the global watchdog on money laundering. 

The review included bilateral discussions, on-site visits and analysis of reforms implemented by the delisted countries. According to the Commission, both Jamaica and Barbados met the requirements laid out in action plans previously agreed upon with the FATF. 

No other Caribbean nation was delisted. The Commission concludes that the delisted countries have addressed the strategic deficiencies identified in their AML/CFT regimes. Therefore, the Commission deemed it appropriate to remove them from the watch list.

The list of countries requiring enhanced financial scrutiny is part of the EU’s broader effort to safeguard its financial system. Under the EU Anti-Money Laundering Directive, entities operating within the bloc are required to exercise increased vigilance when dealing with countries on the high-risk list.