CFATF Report of Regional Money Laundering and Terrorist Financing Cases

In November 2020, the CFATF completed a compilation of cases based on regional money laundering and terrorist financing investigations. The report categorises these cases, some of which show money flows across corridors; fraud involving politically exposed persons; and COVID-19 related fraud. Click here to access.

Jamaica’s progress in strengthening measures to tackle money laundering and terrorist financing

Port of Spain, Trinidad and Tobago, January 12th, 2020 – As a result of Jamaica’s progress in strengthening its framework to tackle money laundering and terrorist financing since their 2017 mutual evaluation, the Caribbean Financial Action Task Force (CFATF) has re-rated the country on 19 of the 40 Recommendations.

Jamaica has been in an enhanced follow-up process, following the adoption of the CFATF mutual evaluation, which assessed the effectiveness of Jamaica’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and the country’s compliance with the FATF Recommendations. In line with the CFATF Procedures for mutual evaluations, Jamaica has reported back to the CFATF on the progress it has made to strengthen its AML/CFT framework.

This report analyses Jamaica’s progress in addressing the technical compliance deficiencies identified in the Mutual Evaluation.   

To reflect this progress, the CFATF has re-rated Jamaica on the following Recommendations:

2- National co-operation and co-ordination from partially compliant to largely compliant

6 - Targeted financial sanctions related to terrorism and terrorist financing from non-compliant to largely compliant

8 - Non-profit organisations from non-compliant to partially compliant

10 - Customer due diligence from partially compliant to largely compliant

11- Record Keeping from partially compliant to largely compliant

12- Politically Exposed Persons from partially compliant to compliant

14- Money Value Transfer Services from partially compliant to largely compliant

15- New Technologies from compliant to partially compliant

17 – Reliance on third parties from partially compliant to  largely compliant

18- Internal Controls and foreign branches and subsidiaries from partially compliant to largely compliant

19 - Higher-risk countries from partially compliant to largely compliant

21 - Tipping-off and confidentiality from partially compliant to compliant

33- Statistics from partially compliant to compliant

The CFATF agreed to maintain the largely compliant for Recommendation 5 and the partially compliant  rating for Recommendations 1, 7, 22, 23 and 24.

The report also looks at whether Jamaica’s measures meet the requirements of FATF Recommendations that have changed since its 2017 mutual evaluation, taking into account any new measures since the mutual evaluation.

Click here to access The FUR

 

CFATF LI PLENARY OUTCOMES

DECEMBER 2020

CFATF’s FIRST VIRTUAL PLENARY & WORKING GROUPS MEETING

Photo: Lt. Col. Edward Croft, Director of the Office of Drug and Money Laundering Control Policy of Antigua and Barbuda and Chairman of the CFATF for the period November 2019-November 2020 (from left third column and third photo down) and participants at the LI Plenary and Working Groups meetings held virtually during the period 9th -11th December 2020.

Press Release
BAHAMAS Update – Office of the Attorney General
18th December 2020


Bahamas delisted from Financial Action Task Force’s Grey-­‐List 
of
“Jurisdictions under Increased Monitoring”

The Financial Action Task Force (FATF) Secretariat on its website today advised via a Press Release, attached to the Grey List on “Jurisdictions under Increased Monitoring”, that The Bahamas has now been delisted from said list. This decision follows the final assessment and recommendations of the International Cooperation Review Group (ICRG) of the Americas, resulting from an onsite visit to The Bahamas between the 10th and 11th November 2020.

ONDCP Press Release: The Supervisory Authority (ONDCP) Wins Appeal at the Privy Council

The Office of the National Drug and Money Laundering Control Policy (ONDCP) has released the following press release:

St. John’s, Antigua – 8TH June 2020. The Privy Council today dismissed the appeal of Ahmed Williams challenging the constitutionality of the civil forfeiture regime under the Money Laundering (Prevention) Act and the civil forfeiture order forfeiting his property to the Director of the ONDCP in his capacity as the Supervisory Authority. Read complete press release here

The complete judgement by the Judicial Committee of the Privy Council can be found at the following link:- https://www.jcpc.uk/cases/jcpc-2018-0041.html