AML/CFT/CFP

Introduction

The Financial Services Commission (FSC) plays a pivotal role in Jamaica’s efforts to combat Money Laundering, the Financing of Terrorism & the Financing of Proliferation. In this respect, the FSC is committed to playing its part to ensure satisfaction of the obligations outlined in the Financial Action Task Force’s (FATF) 40 Recommendations on the Prevention of Money Laundering and the Countering of Terrorist Financing.

The FSC is a key member of Jamaica’s National Anti-Money Laundering Committee (NAMLC), which is the local multi-agency committee responsible for the general oversight of AML/CFT policy in Jamaica, and ensuring adherence to the FATF 40 Recommendations. NAMLC is also charged with responsibility for promoting effective collaboration among regulators, competent authorities, law enforcement agencies and other key stakeholders. Other priority functions of the committee include monitoring interaction and cooperation with international bodies such as FATF and the Caribbean Financial Action Task Force (CFATF).

As a Competent Authority under the Proceeds of Crime Act (“POCA”), the Terrorism Prevention Act (“TPA”) and the United Nations Security Council Resolutions Implementation Act (“UNSCRIA”), the FSC has a responsibility to inform its licensees and registrants of their obligations under this suite of legislation. In this regard, the FSC has framed its AML/CFT/CFP regulatory framework in accordance with international best practices and standards, and with a commitment to cooperation with local and overseas regulatory authorities and partner agencies. In order to achieve this objective, the FSC has developed Guidelines on AML/CFT/CFP as a guide to its regulated entities (AML/CFT/CFP Guidelines).

The AML/CFT/CFP Guidelines provide general guidance to the FSC’s registrants and licensees on the prevention and detection of money laundering, terrorist financing and proliferation financing in Jamaica. The Guidelines also provide practical guidance that represent best practice for the development of AML/CFT/CFP procedures in line with applicable law and international standards.

The Guidelines should be read in conjunction with applicable law pertaining to Jamaica’s AML/CFT/CFP framework.

It must be noted that the Guidelines, as gazetted, are incorporated as part of the AML/CFT/CFP legislative regime. As a result, failure to comply with the provisions of the Guidelines may lead to enforcement action in the courts and/or applicable administrative sanctions. Registrants and licensees are therefore urged to pay particular attention to the Guidelines, ensure that they implement and maintain compliance regimes to practice the guidance therein and to seek the intervention/assistance of the FSC’s AML Unit whenever the need arises.”

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