Jamaica Country Summary

FATF Status

Jamaica is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Jamaica was undertaken in December 2023. According to that Evaluation, Jamaica was deemed Compliant for 10 and Largely Compliant for 27 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 1 of the Effectiveness ratings.

Jamaica faces significant challenges related to crime and corruption, with public officials often perceived as engaging in corrupt practices despite existing legal frameworks intended to deter such behavior. The country grapples with various criminal markets, including drug trafficking and human trafficking, while mafia-style gangs and corrupt state actors complicate efforts to enhance governance and public trust in authorities.

Jamaica's economy exhibits a blend of resilience and ongoing challenges, marked by a recovery from the COVID-19 pandemic and a reduction in public debt below 70% of GDP. The country has successfully attracted foreign direct investment (FDI), particularly in tourism and energy sectors, while also benefiting from a decade of macroeconomic stability driven by prudent fiscal policies. However, structural issues such as bureaucratic inefficiencies, high energy costs, and security concerns continue to impede the business environment, despite government efforts to streamline processes and promote investment through incentives like tax breaks and special economic zones.