PNP says Gov't must accept responsibility for Jamaica being added to EU financial blacklist

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PNP says Gov't must accept responsibility for Jamaica being added to EU financial blacklist

Tuesday, May 05, 2020

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KINGSTON, Jamaica — The People's National Party (PNP) says it is alarmed by the revelation in a Reuters report today that Jamaica is among 12 countries which the European Commission has added to its list of states that pose financial risks to the European Union (EU) bloc because of anti-money laundering and terrorism financing shortfalls.

Reuters said the European Commission's draft report expected to be published on Thursday states that countries on that list pose significant threats to the EU's financial system. It added that under EU law, banks and other financial and tax firms are obliged to scrutinise more closely their clients who have dealings with countries on the list.

“This report evidences a significant dereliction on the part of the Jamaican authorities in strengthening our laws and processes to combat money laundering and the financing of terrorism. The Government, having been in power for over four years now, must accept full responsibility for this perilous development. It is clear that they have dropped the ball, endangering Jamaica by exposing our country to the negative consequences of this black listing,” Opposition spokesman on Finance, Mark Golding said.

“The Government must promptly disclose to the public what specific concerns have been communicated to them by the EU authorities. Furthermore, we call upon the Government to move swiftly and effectively to address the issues of concern which have resulted in Jamaica being added to this list, with a view to restoring our country's image and reputation as quickly as possible,” Golding continued.

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