JAMAICA and Barbados were on Wednesday removed from the European Union (EU) list of ‘high-risk’ third countries with deficiencies in their anti-money laundering and countering financing of terrorism regimes, a day after Prime Minister Dr Andrew Holness expressed Caricom’s concern that an appeal for the delisting had been lagging for a month.

Wednesday’s action follows last year’s removal of Jamaica from the EU’s Financial Action Task Force (FATF) listing.

Welcoming the development, Holness said it marks a significant step forward for both countries and for the wider Caricom region.

“We have been actively advocating for such a decision — one which reflects the reality of the hard work we have undertaken to strengthen our financial systems. This is yet another demonstration of the strength of our partnership with the EU, a partnership I am committed to deepening even further as chair of Caricom,” Holness said in a post on his X platform.

He noted that he had referenced this issue at the closing press briefing of the 49th Regular Meeting of the Conference of Heads of Government of the Caribbean Community on Tuesday, “as an example of the value of the Caricom platform to amplify our voices on the global stage and secure benefits for our people locally”.

The decision was also hailed by Jamaica’s Foreign Affairs and Foreign Trade Minister Senator Kamina Johnson Smith, who, in a special virtual address to the European Parliament Wednesday morning, expressed appreciation for the EU’s acknowledgement of the work of the Jamaican Government in strengthening the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) systems.

“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. 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,” Johnson Smith told the EU parliamentarians.

In a later interview, Johnson Smith said that “the decision by the EU Parliament follows both joint and separate sustained advocacy by Jamaica and Barbados at all levels. Even as recently as yesterday [Tuesday], our call for delisting was again repeated by Prime Minister Holness in his closing session as chair of the 49th Meeting of Caricom Heads of Government. We are so very pleased that, in the end, a position was taken that recognises the reforms we have made to our financial systems and regulatory frameworks — a position aligned with last year’s positive FATF decision. This is yet another signal of broad-based trust in our systems”.

The delisting recommendation was made last month, but Holness, like his Caricom chair predecessor Mia Mottley, had expressed concern that implementation has lagged.

In his prepared text at the press conference on Tuesday, Holness said agenda items had included recent developments regarding the AML/CFT frameworks.

He said that, “While the European Commission has recommended to the European Parliament, via its Delegated Regulation of June 2025, that Jamaica and Barbados be delisted, this has not fully materialised as different groups in the Parliament, for reasons unrelated to the domestic situation in Barbados and Jamaica, have issued motions that will block positive action in this regard. We urge a reconsideration of this posture.”

But towards the end of the briefing, as he sought to explain how the three days of talks would impact the lives of Jamaicans and citizens of other Caricom countries, Holness spoke plainly, explaining what his previous comment meant.

“Hidden in all of this is Caricom’s strident appeal to the European Union to exercise a greater discretion that countries that have complied — through great sacrifice, discomfort, and the cost to the people of a developing country — that greater discernment and consideration be given to our circumstances, and that we are not lumped in with everyone else, or having to wait for an extended period of time before relief can be given to us, and so that is what we were here doing today. It may not materialise tomorrow that you will have an easier banking system but, over time, it will,” Holness said.

The Jamaican Government, in a news release on Wednesday, said the economic and reputational impacts of the EU’s decision are significant.

“Financial institutions in EU member states will no longer be required to apply enhanced due diligence measures to transactions involving Jamaica. This change reduces compliance burdens and could boost cross-border financial flows. It also strengthens Jamaica’s investment climate and signals the EU’s confidence in Jamaica’s financial architecture,” the Government explained.

It also said that the delisting is a milestone; the Government “continues to emphasise the importance of maintaining momentum in financial governance through continued efforts to safeguard against illicit financial activity”.

HOLNESS…we have been actively advocating for such a decision (Photo: Naphtali Junior)