Stakeholders Welcome Jamaica’s Removal From EU High-Risk List

President of the Private Sector Organisation of Jamaica, PSOJ, Metry Seaga is welcoming news that Jamaica has been de-listed as a high-risk jurisdiction for money laundering and financing terrorism by the EU.

Jamaica had been on that list since October 2020.

The European Commission’s updated list of jurisdictions presenting strategic deficiencies in national anti-money laundering and countering the financing of terrorism regimes was published on Tuesday.

The decision to remove Jamaica marks a key milestone, as the country seeks to position itself as a stable and reliable partner in the global financial system.

It comes after Jamaica was removed from the Financial Action Task Force’s Grey List last year.

Prime Minister Dr. Andrew Holness and Foreign Affairs Minister Senator Kamina Johnson Smith have both expressed delight at the move by the EU.

Mr. Seaga says prior to this updated list, foreign investors were hesitant to do business in Jamaica in certain sectors.

Metry Seaga, President of the PSOJ.

Meanwhile, Economist Keenan Falconer, says the recent removal of Jamaica from the European Union’s list of ‘high-risk’ countries, as it relates to anti-money laundering and countering the financing of terrorism, signals a shift for investor confidence.

Mr. Falconer told Nationwide this Morning that the new development will allow transaction processes to become less tedious.

Meanwhile, Mr. Falconer says there are still some outstanding areas that Jamaica needs to address as it continues to strengthen its anti-money laundering and countering the financing of terrorism regimes.

Keenan Falconer, Economist.