MINISTRY OF FOREIGN AFFAIRS AND FOREIGN TRADE
2 Port Royal Street, Kingston
MEDIA RELEASE
Johnson Smith Welcomes EU Parliament Decision to Remove Jamaica from “High Risk”
Listing as Signal of Trust in Jamaica’s Financial Systems and Regulatory Framework
The Government of Jamaica has welcomed the European Parliament’s acceptance of the recommendation of the European Commission to remove Jamaica from its list of ‘high-risk’ third countries with deficiencies in their Anti Money Laundering and Countering Financing of Terrorism regimes. This follows last year’s removal of Jamaica from Financial Action Task Force (FATF) listing.
Just hours after the decision, Minister of Foreign Affairs and Foreign Trade, Kamina Johnson Smith gave a special virtual address to the European Parliament during which she expressed appreciation for the EU’s acknowledgement of the work of the Government of Jamaica in strengthening the country’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) systems.
“We cannot over-state the significance of this decision which is a clear indication of the Parliament’s willingness to respond positively to the needs and interests of small, vulnerable economies like Jamaica’s. We thank Parliamentarians for this decisive action with exponential implications for our economies and accordingly our citizens. Ultimately, this places us in a better position to continue working purposefully towards achieving our national development goals”, said Minister Johnson Smith as she took the floor.
Prime Minister of Jamaica, Dr. The Most Honourable Andrew Holness has also welcomed the European Union’s decision through posts on his social media platforms. In a later interview in which she recalled that Barbados was the other Caribbean country similarly affected, Minister Johnson Smith advised that “the decision by the EU Parliament follows both joint and separate sustained advocacy by Jamaica and Barbados at all levels. Even as recently as yesterday, our call for delisting was again repeated by Prime Minister Holness in his closing session as Chair of the 49th Meeting of CARICOM Heads of Government. We are so very pleased that in the end, a position was taken that recognizes the reforms we have made to our financial systems and regulatory frameworks – a position aligned with last year’s positive FATF decision. This is yet another signal of broad-based trust in our systems”.
The economic and reputational impacts of the EU’s decision are significant. Financial institutions in EU member states will no longer be required to apply enhanced due diligence measures to transactions involving Jamaica. This change reduces compliance burdens and could boost cross-border financial flows. It also strengthens Jamaica’s investment climate and signals the EU’s confidence in Jamaica’s financial architecture. While the delisting is a milestone, the Government of Jamaica continues to emphasise the importance of maintaining momentum in financial governance through continued efforts to safeguard against illicit financial
activity.
