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Real estate players hopeful of Jamaica's removal from FAFT grey list

Donovan Wignal
 
Stakeholders in the real estate industry are hopeful that Jamaica will be removed from the "grey list" of the Financial Action Task Force (FATF).
 
President of the MSME Alliance, Donovan Wignal, says the removal would increase investor confidence in Jamaica. 
 
"Hightened due diligence becomes imperative for a real estate sector, leading to operational delays and increased transactional costs. Moreover, the reputational damage caused by investing in, being associated, and doing business with a jurisdiction under scrutiny can hinder inward investment and create a climate of uncertainty," he noted. 
 
"These challenges emphasize the critical need for collective action and stringent compliance measures. By adhering to international standards, we can uphold the integrity of our financial systems and create a conducive environment for investment," the MSME Alliance president added. 
 
Last week, the Bank of Jamaica indicated that the country has addressed the 13 outstanding action items flagged by FATF to rationalise the local Anti-Money laundering/Combating the Financing of Terrorism framework.
 
The Finance Ministry also indicated that a team from FATF is to visit Jamaica to assess the progress on these action items.


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