Kingston, Jamaica – The Jamaican government has reaffirmed its deep commitment to strengthening the nation’s financial system. This effort focuses on robust defenses against illicit activities and financial crimes. A significant legislative advancement occurred on Friday, February 6, 2026. The Senate approved the Financial Investigations Division (Amendment) Act. This crucial news underscores Jamaica’s dedication to international standards. It also aims to bolster its business environment.
Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, announced the development. She highlighted the government’s unwavering commitment. The approved amendment empowers the Financial Investigations Division (FID). It enhances the FID’s ability to share vital intelligence. This sharing occurs with domestic public bodies. It also extends to international financial intelligence departments. The legislation passed the Senate without amendment. It is a pivotal step toward greater transparency.
The new law ensures the FID exchanges information independently. This is with regulatory and investigative counterparts. It maintains strict protocols for data handling. The amendment removes the necessity for ministerial approval. This approval was previously required before the FID could enter Memoranda of Understanding (MOUs). This change grants the FID significant operational independence. Such MOUs must always comply with Jamaica’s Constitution. They must also follow Jamaican laws and government policy. This includes measures for anti-money laundering and counter-terrorist financing. Data protection remains a priority.
This legislative move is critical for Jamaica. It ensures continued eligibility for international cooperation. It meets stringent standards set by global bodies. These include the Egmont Group and the Financial Action Task Force (FATF). Jamaica is preparing for its fifth round of mutual evaluation. This evaluation assesses a nation’s anti-money laundering and counter-terrorist financing efforts. Previously, Jamaica was on the FATF’s ‘Grey List’. This list signals countries with strategic deficiencies. Placement on this list can increase transaction costs. It can also signal higher risk to international financial institutions. However, Jamaica made substantial progress. It was removed from the FATF Grey List on June 28, 2024. This followed a comprehensive strengthening of its AML/CFT regime. The current amendment reinforces this positive trajectory. It signals continued vigilance.
The Financial Investigations Division (Amendment) Act specifically addresses operational autonomy. The Egmont Group had previously identified concerns. It noted the FID’s perceived lack of operational independence. This amendment directly rectifies those issues. It ensures the FID can function effectively. It operates without direct political interference. This is essential for unimpeded investigations into financial crime. It hardens Jamaica’s financial defenses.
During the Senate debate, some Opposition members expressed reservations. They questioned a clause requiring MOUs to align with “government policy.” Critics argued this could allow indirect political influence. Senator Lambert Brown voiced these concerns. He felt policy decisions should not equal constitutional safeguards. Minister Johnson Smith strongly refuted these interpretations. She stated they reflected a misunderstanding. She explained that government policy is integral to adopting international best practices. It allows agility in responding to global standards. Such policy must remain consistent with Jamaica’s Constitution and laws. This ensures Jamaica aligns with FATF and Egmont Group expectations. The amendment strengthens the FID’s autonomy. It retains strong constitutional oversight.
This comprehensive legislative reform demonstrates Jamaica’s resolve. It shows a commitment to a secure financial system. This is vital for attracting and retaining legitimate business. A stable financial sector builds international confidence. It supports sustained economic growth. It creates a more secure environment for all businesses operating in Jamaica. The news of these proactive measures signals Jamaica’s readiness. It highlights its dedication to global financial integrity. This ongoing work prepares the nation for future challenges. It solidifies Jamaica’s position as a responsible financial player. Jamaica is actively working to maintain its strong international standing. The business community watches these developments closely. This news is significant for Jamaica’s economic future.