Johnson Smith welcomes EU Parliament’s decision to remove Jamaica from high-risk list
KINGSTON, Jamaica -The Government of Jamaica has officially welcomed the European Parliament’s decision to remove the country from the European Union’s list of high-risk countries with strategic deficiencies in Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regimes.
The move follows last year’s removal of Jamaica from the Financial Action Task Force (FATF) list and is being hailed as a major step forward for the country’s financial credibility on the global stage.
Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, addressed the European Parliament virtually shortly after the announcement, expressing gratitude for what she described as a significant and affirming decision.
“We cannot overstate the significance of this decision, which is a clear indication of the Parliament’s willingness to respond positively to the needs and interests of small, vulnerable economies like Jamaica’s,” she said. “We thank Parliamentarians for this decisive action with exponential implications for our economies and accordingly our citizens. Ultimately, this places us in a better position to continue working purposefully towards achieving our national development goals.”
The delisting means that financial institutions within European Union (EU) member states will no longer be required to apply enhanced due diligence to transactions involving Jamaica. This is expected to ease compliance burdens, improve cross-border financial flows, and enhance Jamaica’s investment climate by signaling growing international confidence in the country’s financial regulatory systems.
Minister Johnson Smith noted that the EU’s decision came after sustained advocacy efforts at various levels by both Jamaica and Barbados. Barbados is similarly affected by the listing. She highlighted that as recently as the closing session of the 49th Meeting of CARICOM Heads of Government, Prime Minister Andrew Holness had reiterated Jamaica’s call for delisting.
“We are pleased that a position was ultimately taken that recognises the reforms we have made to our financial systems and regulatory frameworks—a position aligned with the FATF’s positive decision last year,” she said. “This is yet another signal of broad-based trust in our systems.”
Holness also welcomed the development in a series of social media posts.
