Jamaica

New Documents

The Bank of Jamaica published its 2020 annual report, detailing the regulator’s operations for the year 2020 to 2021, including its efforts to supervise financial institutions, ensure financial stability, and develop strategic plans and governance frameworks to help curtail financial crimes.

The Bank of Jamaica announced plans to proceed with the use of a central bank digital currency.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department classifies Jamaica as a major money laundering country.  Money laundering in the country is largely perpetrated by organized criminal groups, including some with links to powerful Jamaicans. Recently, the country recored a large number of financial crimes related to advance fee fraud (lottery scams), corruption, counterfeit goods, small arms trafficking and cybercrime. Many of the cybercrime and financial fraud schemes target U.S. citizens. While Jamaica is moderately successful at enforcing the asset forfeiture provisions of the Proceeds of Crime Act, the law still is not being implemented to its fullest potential due to difficulties prosecuting and achieving convictions in financial crime cases. The State Department notes that the Jamaican Financial Investigations Division launched an electrical report portal in September 2020, allowing businesses to report suspicious transactions linked to terrorist financing. The Jamaican government has tabled amendments to the legislation in October 2019 in response to international recommendations. In addition, law enforcement, prosecutors and the judiciary lack sufficient resources and training to investigate and prosecute financial crimes effectively and efficiently. In 2019, 20 individuals were charged with money laundering that was predicated on either fraud, corruption, or narcotics trafficking. That same year, five individuals were convicted for money laundering. In 2020, Jamaica forfeited $3,612 from an alleged terrorist based on its post-conviction forfeiture law.
Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 methodology

Technical Effectiveness
Compliant : 8 High : 0
Largely Compliant : 19 Substantial : 1
Partially Compliant : 13 Moderate : 4
Non-Compliant : 0 Low : 6

Jamaica's technical compliance was re-rated in a Jan. 14, 2021 follow-up report

BASEL i

Rank : 34/141
Score : 5.99/10

TRANSPARENCY INTERNATIONAL i

Rank : 74/180
Score : 43/100

Tax Justice Network i

Rank : N/A
Score : N/A