Monday 10 December, 2018

Jamaica intensifies efforts to bolster anti-money laundering regime

Minister without Portfolio in the Ministry of Finance Fayval Williams.

Minister without Portfolio in the Ministry of Finance Fayval Williams.

Minister without Portfolio in the Ministry of Finance Fayval Williams says Jamaica will intensify its efforts to bolster its Anti-Money Laundering and Combating Financing of Terrorism regime (AML/CFT).

Speaking at the plenary Caribbean Action Financial Task Force (CFATF) in Barbados earlier this week, Williams, a stout advocate of the AML/CFT Framework, expressed that it is imperative that Jamaica’s legislative and institutional framework is in full compliance with the Financial Action Task Force 40 Recommendations by 2020.

“This timeline is important to ensure that the country is not named as a country with strategic deficiencies and therefore subject to countermeasures by other countries,” Williams said.

She highlighted that the global financial system is uncompromising in this requirement for all countries to have a strong AML/CFT system. Financial Action Task Force (FATF) which is the parent organization of CFATF places countries on surveillance if it considers that the country is not moving quickly enough to adopt the global standards.

“Jamaica has an obligation to be the best checkpoint it can be to ensure that the financial system in Jamaica does not allow itself to be corrupted with proceeds of crime and financing for terrorism,” Williams said.

CFATF is a regional organization of 25 states of the Caribbean Basin, Central and South America, which have agreed to implement common countermeasures to address money laundering.

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