Finance Minister, Dr. Nigel Clarke, is hailing the removal of Jamaica from the Financial Action Task Force, FATF, Grey List, as a significant achievement.
The FATF Grey List is made up of countries that are under increased monitoring, due to their weak measures in combating money laundering and terrorist financing.
It essentially made transacting business with Jamaica as a FATF “Grey Listed” country more expensive.
Shaloy Smikle has the story.
Jamaica was placed on the FATF Grey List in February 2020.
That’s just one month before the country went into complete lockdown due to the COVID-19 pandemic.
But four years later, Finance Minister, Dr. Nigel Clarke, announced that the country had officially been removed from the list.
This means that Jamaica now has a better chance of securing more investments and other financial arrangements on a global level.
Dr. Clarke says the shift is a monumental step forward for the country.
He has hailed the government’s action plan to address money laundering and terrorist financing issues, despite the onset and aftermath of the pandemic.
Dr. Clarke says FATF made the decision after visiting the country and assessing the action plan six weeks ago.
The Finance Minister vows to continue updating and implementing new laws and regulations to prevent the country from being Grey List-ed again.
Meanwhile, Prime Minister Andrew Holness, has welcomed FATF’s decision to remove Jamaica from its Grey List.
In a release to his social media pages on Friday, the Prime Minister says the move paves the way for increased local and foreign investors.
The Prime Minister says investors can now have greater confidence in Jamaica’s financial system.
This, he says, will lead to elevated economic opportunities and growth for every Jamaican.
Mr Holness says the development will facilitate better access to international banking services for Jamaicans and their businesses.
He expressed gratitude to all the relevant stakeholders for their efforts which led to the achievement.
Prime Minister Holness says his government remains steadfast in upholding the highest standards of integrity to prevent financial crimes and protect the interests of Jamaicans.
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