https://jamaica-gleaner.com/article/news/20250709/holness-welcomes-jamaicas-removal-eu-high-risk-list-anti-money-laundering-and

The European Parliament today supported a recommendation from the European Commission for both Jamaica and Barbados to be removed from the list.

This follows last year’s removal of Jamaica from the Financial Action Task Force grey list.

Reacting to the news, Prime Minister Andrew Holness said this marks a significant step forward for both countries and the wider 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 X, formerly Twitter. "I referenced this issue in the closing CARICOM press conference yesterday 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.”

Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, also hailed the development.

Johnson Smith gave a special virtual address to the European Parliament, during which she expressed appreciation for the EU’s acknowledgment of the Jamaican Government’s efforts to strengthen the country’s AML/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,” she said in a media statement on Wednesday.

“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,” she added.

Johnson Smith noted that the EU’s decision followed both joint and separate sustained advocacy efforts by Jamaica and Barbados at all 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 49th Meeting of 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.”

The economic and reputational impacts of the EU’s decision are significant, said Johnson Smith.

With the removal, financial institutions in EU member states will no longer be required to apply enhanced due diligence measures to transactions involving Jamaica.

Johnson Smith noted that 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. While the delisting is a milestone, the Government of Jamaica continues to emphasise the importance of maintaining momentum in financial governance through continued efforts to safeguard against illicit financial activity.”