Author: Suzell Wray

Fitch Ratings Agency, today, March 5, 2024, upgraded Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’, with the outlook remaining “Positive”.

The Financial Action Task Force (“FATF”) FATF today at its February 2024 Plenary meeting in Paris, approved for their America’s Joint Group to conduct an on-site visit to Jamaica to assess the effectiveness and sustainability of the measures the country has implemented to address its strategic AML/CFT deficiencies outlined in the 13-point action plan agreed with the FATF in February 2020.

On November 3, 2023, the Government of Jamaica (GOJ) issued the first ever Jamaican Dollar (J$) linked international bond in the amount of J$46.6 billion, equivalent to USD 300 million. The issuance, which was oversubscribed 1.4 times, consists of Senior Unsecured Notes due 2030 which are registered with the Securities Exchange Commission in the United States.

Standard and Poor’s Global Ratings, today, September 13, 2023, upgraded the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) from ‘B+’ to ‘BB-’ with a stable
outlook.

The Financial Investigations Division (“FID”), is using the proceeds of assets confiscated under Jamaica’s proceeds of crime legislation to fund the extraordinary expenses it incurs in the SSL fraud investigation. These funds do not constitute tax revenue. These funds arise from the FID’s work in identifying, restraining, forfeiting and monetising the proceeds of crime. That is, these funds arise from the confiscation of ill-gotten gains.