Jamaica has been officially removed from the European Union’s list of high-risk third countries for anti-money laundering and counter-terrorism financing (AML/CFT), a move hailed by Prime Minister Andrew Holness as a significant achievement for the country and the wider Caribbean region.
The European Parliament endorsed a recommendation from the European Commission to delist both Jamaica and Barbados, following Jamaica’s removal from the Financial Action Task Force (FATF) grey list in 2023.
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Reacting to the development, Prime Minister Holness said the decision reflects the hard work undertaken to strengthen the country’s financial systems. “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,” he stated in a post on X, formerly known as Twitter. He noted that the issue was also raised during the closing press conference of the 49th CARICOM Heads of Government Meeting as an example of how regional cooperation amplifies Caribbean voices on the global stage.
Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, also welcomed the news. In a special virtual address to the European Parliament, Johnson Smith expressed gratitude for the EU’s recognition of Jamaica’s efforts to improve its AML/CFT framework. “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.
She praised the decisive action by EU parliamentarians, describing the decision as one with exponential benefits for Jamaica’s economy and citizens. “Ultimately, this places us in a better position to continue working purposefully towards achieving our national development goals,” she added.
Johnson Smith emphasized that the removal was the result of sustained advocacy by both Jamaica and Barbados at multiple levels. “Even as recently as yesterday, our call for delisting was again repeated by Prime Minister Holness in his closing session as Chair of the CARICOM Heads of Government. We are 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.”
She noted that the decision has both economic and reputational implications. With the delisting, financial institutions in EU member states are no longer required to apply enhanced due diligence to transactions involving Jamaica. This is expected to reduce compliance burdens and improve cross-border financial flows, thereby strengthening Jamaica’s investment climate and signaling increased confidence in the country’s financial governance.
While celebrating the milestone, Johnson Smith said the Government remains committed to advancing financial reforms and maintaining vigilance against illicit financial activity.
