
Ministry of Finance and the Public Service
Audit Committee Performance Evaluation guideline (ACPE tool)
Kingston, Jamaica: Friday, February 23, 2024
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.
FATF’s decision to approve the on-site visit was predicated on Jamaica largely completing its action plan and in accomplishing this requirement the country:
As of today, Jamaica is compliant or largely compliant with 37 of those Recommendations. Significantly, today Jamaica is fully compliant with both Recommendations 24 and 25 which address the transparency and beneficial ownership of legal persons and arrangements, a very rare achievement within the global network of countries. With regards to the three Recommendations with which we are partially compliant, Jamaica has already taken important steps towards compliance. As a reminder, these Recommendations are: Recommendation 7–Targeted Financial Sanctions related to Proliferation; Recommendation 8–Non-profit Organisations (NPOs) and Recommendation15– New Technologies.
Minister Clarke noted, “Today’s development is further evidence of the fact that whatever Jamaica focuses on, Jamaica can achieve. We have made considerable progress over the past few years in improving Jamaica’s AML/CFT framework through focus, determination and collaborative effort with support from our bilateral and multilateral partners.”
Thanks, must be given to the America’s Joint Group of the FATF ICRG, and The Executive Director of the CFAFT and her staff for their review and support. As well as the hard-working members of the National Anti-Money Laundering Committee (“NAMLC”) chaired by Jamaica’s Prime Contact to CFATF, former Deputy Governor of the Central Bank, Maurene Simms and includes public officers from the MOFPS, BOJ, FSC, FID, JCA, TAJ, COJ, DCFS, DPP, MFAFT, MNS, MOJ, JCF, PICA, BGLC, TAJ, PAB, GLC, REB, and supported by the AGC, and OPC.
Team Jamaica is ready and enthusiastic to showcase to the Americas Joint Group, the success and growth of the various initiatives the country has implemented, as the final step in the process for de-listing.
These initiatives have been carefully nurtured on a solid and sustainable foundation. The FATF will have its next Plenary in June 2024 and I look forward to their press release at the end of that Plenary, while we continue to steadfastly build on the solid foundations we have laid.
-end-
For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Kingston 4
Tel: (876) 932-4656/4660/4655
Email: Shelly-Ann.Weeks@mof.gov.jm; Shakiel.Rochester-Shorter@mof.gov.jm
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
Eml: opedjamaica@gmail.com
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