KINGSTON, Jamaica – Finance Minister Dr Nigel Clarke has announced that Jamaica has officially been removed from the Financial Action Task Force (FATF) Grey List.

According to the FATF’s website, it identifies jurisdictions with “weak measures to combat money laundering and terrorist financing (AML/CFT).”

A release from the Office of the Prime Minister on Friday stated that Jamaica’s removal from the list is the result of “diligent efforts by the administration and relevant authorities to implement comprehensive reforms and enhance the effectiveness of the country’s financial systems.”

“Over the past few years, the administration has made significant progress in several key areas spearheading remarkable legislative reforms and institutional improvements. The country’s inclusion on the Grey List meant that many Jamaicans and their business operations were placed under undue scrutiny and their financial transactions flagged leading to increased paperwork and costly delays,” the release read.

Prime Minister Andrew Holness was particularly elated at the removal, which he described as a “monumental step forward for Jamaica.”

“The administration’s assiduous labour and many tough decisions to strengthen our financial systems and compliance mechanisms have borne fruit. We will continue to work diligently to maintain these standards and protect the integrity of our financial sector,” he said while expressing gratitude to the finance minister for his “leadership in seeing this process through.”

For his part, Clarke said Jamaica’s removal from the list is a “testament to our people’s unwavering commitment to good governance and the rule of law. ”

“This accomplishment enhances Jamaica’s reputation on the global stage. It also fosters a more secure and stable economic environment and investment atmosphere for our citizens, investors and entrepreneurs,” he continued.

Both Holness and Clarke indicated that the country’s removal from the FATF Grey List will give way for “increased foreign and local investment and stronger international financial arrangements.”

“Investors can now have greater confidence in Jamaica’s financial system, which will lead to elevated economic opportunities and growth for every Jamaican,” the statement read.