On 31 May, The Gleaner reported that Finance Minister Dr Nigel Clarke is saying that the country will remain on the blacklist if non-financial businesses and professions do not provide data on their dealings.  He explained some of the challenges facing Jamaica, pointing specifically to the non-financial businesses, adding that there has been very limited activity in the area of AML/CFT supervision of these professions and entities.  He went on to say that it was far too easy for those with ill-gotten gains to transact in real estate, acquire cars and jewellery, participate in gaming, and channel funds through unregulated moneylending institutions without any alarms being triggered.  However, he said the passage several pieces of legalisation has improved Jamaica’s compliance with FATF recommendations. It is mentioned that, in October 2019, FATF indicated that the 2016 national risk assessment did not include sufficient data from the non-profit sector and from non-financial businesses and professions – and the minister said that it was important that the assessment was updated, and has to be done again.




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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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