Jamaica Reaffirms Commitment to Addressing Derisking
By: , November 19, 2016The Key Point:
Photo: Jamaica Reaffirms Commitment to Addressing Derisking
Minister of Finance and the Public Service, Hon. Audley Shaw (right), shares a joke with Bank of Jamaica Governor, Brian Wynter, during the 2nd LatinFinance Caribbean Finance and Investment Forum, held on November 17 at the Montego Bay Convention Centre.The Facts
- In underscoring the need to explore steps that must be taken to counter de-risking internationally, Mr. Shaw said Jamaica and other countries “must continue to shape our economies and financial markets for foreign investment.”
- “Investors are beginning to embrace Latin America and the Caribbean. They are seeking more opportunities for investments, and we should ensure that our economies are prepared for business,” Mr. Shaw emphasized.
The Full Story
Finance and Public Service Minister, Hon. Audley Shaw, says Jamaica’s international partners can rest assured of the country’s commitment to addressing the challenges fuelling de-risking.
This, he said, through its robust regulatory framework for anti-money laundering (AML) and combating the financing of terrorism (CFT), noting that Jamaica and neighbouring Caribbean territories “have been playing an important role” in this regard.
The Minister was speaking at the 2nd LatinFinance Caribbean Investment and Finance Forum at the Montego Bay Convention Centre on November 17.
In underscoring the need to explore steps that must be taken to counter de-risking internationally, Mr. Shaw said Jamaica and other countries “must continue to shape our economies and financial markets for foreign investment.”
This, he added, “by doubling our efforts to structurally reform key sectors and strengthen ties with the global capital markets to encourage greater capital mobility.”
De-risking entails financial institutions’ restriction or termination of business relationships with customers whose financial affairs are deemed questionable.
Based on recommendations from the Financial Action Task Force (FATF), the international standard setter in the fight against terrorism financing and money laundering, financial institutions are required to identify, assess and understand the attendant risks to their operations and implement commensurate AML/CFT measures.
Against this background, Mr. Shaw expressed the hope that the conference’s outcomes will serve to shape strategies for Caribbean territories, as the region strives to attract increased investments and advance development.
He added that the conference’s staging was timely, coming at a time when the focus within the global financial environment was on increased investment and growth for sustainable development.
“Investors are beginning to embrace Latin America and the Caribbean. They are seeking more opportunities for investments, and we should ensure that our economies are prepared for business,” Mr. Shaw emphasized.