On January 9, 2017, it was with great excitement that the Caribbean Financial Action Task Force launched its highly-anticipated Accreditation and Training Project at the Regional Drug Law Enforcement Training Centre (REDTRAC) in Jamaica. The startup of this Project marks the beginning of the delivery of standardized training, which is targeting the financial analysts and financial investigators of the Region’s Financial Intelligence and Financial Investigations Units.
This report provides a summary of the AML/CFT measures in place in Jamaica as at the date of the onsite visit (1st – 12th June, 2015). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Jamaica’s AML/CFT system, and provides recommendations on how the system could be strengthened.
The Jamaica Bankers Association (JBA) in collaboration with the Jamaica Institute of Financial Services (JIFS), on October 9th through to 11th 2017, hosted the 6th Annual Anti Money Laundering/Counter Financing of Terrorism Conference at the Spanish Court Hotel in Kingston, under the theme “Compliance: Detect, Arrest, Protect”. The JBA, in rationalizing the need for a conference of this nature, explained that the financial industry, in providing financial services to law-abiding persons, is sometimes targeted by criminal elements for the commission and furtherance of crimes. It was further noted that as a consequence, financial entities must be constantly vigilant in ensuring that their policies, procedures, controls, systems, and people are aptly equipped to detect and arrest those activities.