FINANCIAL Action Task Force (FATF) President T. Raja Kumar has reiterated a plea for Jamaica to close the gaps in its action plan to avoid a possible move to the dreaded “black” list, which would mean serious implications for the country in carrying out international transactions.

Kumar’s comment comes following the three-day plenary meeting in Paris, France, where delegates from over 200 jurisdictions voted on a number of decisions surrounding the fight against money laundering and terrorism financing. While no country left the grey or black lists, Cameroon, Croatia and Vietnam were added to the grey list which is designated for jurisdictions under increased monitoring for money laundering and terrorism financing.

With respect to the Caribbean, the Cayman Islands got its first signal that it might be removed from the grey list following an on-site visit by designated experts. This also applied to Albania, Jordan and Panama whose progress will be verified as they conclude their action plans. However, the same could not be said for Barbados, Haiti and Jamaica, which have all been given an October 2023 warning before the intergovernmental organisation considers its next steps.

https://www.jamaicaobserver.com/business/danger-ahead-2/