Durrant Pate/Contributor

Prime Minister Dr Andrew Holness is welcoming Jamaica’s delisting from the European Union’s (EU’s) list of countries deemed high-risk for money laundering and terrorism financing.

”Jamaica welcomes news that the European Parliament has supported the European Commission’s recommendation to remove Jamaica and Barbados from its list of high-risk third countries for anti-money laundering and counter-terrorism financing (AML/CFT). This marks a significant step forward for both countries and for the wider CARICOM region,” Holness commented on his Facebook page Wednesday.

“We have been actively advocating for such a decision. One which reflects the reality of the hard work we have undertaken to strengthen our financial systems. This is yet another demonstration of the strength of our partnership with the EU, a partnership which I am committed to deepening even further as chair of CARICOM.” 

He referenced this issue at the closing CARICOM press conference on Tuesday as an example of the value of the CARICOM platform to “amplify our voices on the global stage and secure benefits for our people locally”.

European Commission confirmation 

The European Commission on Wednesday confirmed that both Jamaica and Barbados, along with Gibraltar, Panama, Philippines, Senegal, Uganda, and the United Arab Emirates have been delisted. This comes after they have demonstrated substantial progress in strengthening their (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. Both Jamaica and Barbados met the requirements laid out in action plans previously agreed upon with the FATF, necessitating their delisting.

No other Caribbean nation was delisted. The commission says the delisted countries have addressed the strategic deficiencies identified in their AML/CFT regimes. As such, 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.