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 evidence suggesting that some public officials engage in corrupt practices, contributing to a high crime rate and economic stagnation. Despite having laws in place to penalize corruption and the establishment of the Integrity Commission, successful prosecutions for high-level corruption remain rare, and public concern about government accountability persists.

The country grapples with various criminal activities, including human trafficking, arms trafficking, and drug-related offenses, while organized crime groups often have ties to corrupt state officials. Although there are efforts to enhance governance and accountability, the judicial system is under-resourced, leading to case backlogs and a lack of public trust in authorities, which complicates the fight against crime and corruption.

Jamaica's economy is characterized by a commitment to foreign direct investment (FDI) as a catalyst for growth, supported by a stable macroeconomic environment and ongoing reforms aimed at enhancing the investment climate. In 2022, FDI inflows rose by nearly 13% to USD 360 million, primarily driven by the tourism sector, which saw a significant increase in visitors. The government continues to implement policies that promote investment, including tax incentives and streamlined processes for establishing businesses, while also addressing challenges such as security concerns and infrastructure deficiencies that could hinder future growth.