Jamaica

New Documents

The Supreme Court of Judicature of Jamaica issued a formal order to remove one individual from the jurisdiction’s consolidated sanctions list.

Jamaica released its 2021 National Risk Assessment in line with international standards set forth by the Financial Action Task Force, identifying money laundering and terrorist financing threats faced by the jurisdiction.

News

Enforcement Actions

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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 : 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