Jamaica

New Documents

Bank of Jamaica Releases Annual Report for 2022, Highlights CBDC Issuance

The Bank of Jamaica published its 2022 annual report, spotlighting the regulator’s efforts in the year 2022 to 2023 to ensure financial stability and to jumpstart digital and cultural transformation in the financial sector .

May 26, 2023

Jamaica High Court Adds Two Individuals to Sanctions List

The Supreme Court of Judicature of Jamaica issued a formal order to add two individuals to the jurisdiction’s consolidated sanctions list.

May 25, 2023

Jamaica Anti-Corruption Agency Refers Prime Minister for Possible Prosecution in Connection to Corruption Allegations

February 17, 2023

Bank of Jamaica Highlights New Regulatory Framework

January 27, 2023

CFATF Re-Rates Jamaica to Reflect Significant AML/CTF Progress

December 20, 2022

News

Weekly Roundup: Investigation Links EU Beneficial Ownership Opponent to Russian Oligarchs, FinCEN’s ‘Access’ Rule Sparks Debate, and More

U.S. appellate court overturns dismissal of Swiss money laundering case, Oregonian officials redirected, misinvoiced rare bourbon, and more, in the weekly roundup.

February 10, 2023

Midweek Roundup: Emirati Official Helped Russians Evade Sanctions, Ex-Swedbank CEO on Trial, and More

U.S. officials advise banks on Russian oil price cap, new gun shop credit-card code sparks debate, and more, in the midweek roundup.

October 5, 2022

Legal Brief: Catching up with Caribbean Beneficial Ownership Initiatives

March 30, 2022

Weekly Roundup: Estonia Probes Swedbank for AML Breaches, ECB Shutters Russian-Linked Lender in Cyprus, and More

March 25, 2022

Weekly Roundup: US Clears Some Afghan Transactions, Global Money Remitters Resume Transfers to Afghanistan, and More

September 3, 2021

Enforcement Actions

0 Items Found

Key Documents

Jamaica Issues Updated Edition of Proceeds of Crime Act

December 14, 2011

Jamaica Issues Regulations to Implement Proceeds of Crime Act

March 29, 2007

Jamaica Regulator Implements POCA's Asset Forfeiture Provisions

March 29, 2007

Jamaica Criminalizes Terrorism Financing

June 6, 2005

Jamaica Imposes Terrorism Prevention Obligations on Financial Institutions

March 17, 2010

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 : 6 High : 0
Largely Compliant : 27 Substantial : 1
Partially Compliant : 7 Moderate : 4
Non-Compliant : 0 Low : 6

Jamaica's technical compliance was re-rated in a Dec. 19, 2022 follow-up report

BASEL i

Rank : 75/110
Score : 5.77/10

TRANSPARENCY INTERNATIONAL i

Rank : 69/179
Score : 44/100

Tax Justice Network i

Rank : N/A
Score : N/A