European Commission omits Jamaica from AML/CFT high-risk list
Josimar Scott / Our Today
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(Photo: REUTERS/Yves Herman)
The European Commission today (June 10) removed Jamaica from an updated list of countries flagged as high-risk jurisdictions with challenges in addressing concerns relating to anti-money laundering and countering the financing of terrorism (AML/CFT).
In its update, the European Commission said that the flagging of such countries requires that “EU entities covered by the AML framework…apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system.”
Jamaica’s omission from the list comes almost a year after the Financial Action Task Force removed the country from its AML/CFT grey list.
According to the EU Commission, “The updated list takes into account the work of the Financial Action Task Force (FATF) and in particular its list of “Jurisdictions under Increased Monitoring”. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with [FATF]. Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards.”
Furthermore, the EU institution said it has “conducted technical as a thorough technical assessment, based on specific criteria and a well-defined methodology, incorporating information collected through the FATF”.
In addition to Jamaica, the EU Commission also removed Barbados and Panama from the list, along with five other jurisdictions. Venezuela is among 10 countries now on the updated list of high-risk jurisdictions.
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