Auditing the Non-Profit Organizations (NPOs) AML/CTF Framework in Jamaica

Author: Keron Oliver, CAMS-Audit

With respect to non-profit organizations (NPOs) in particular, FATF has issued specific guidance through the publication of Recommendation 8 and a plethora of other guidance which further expound on matters relating to NPOs. The CFATF and a number of other FATF-style regional bodies (FSRBs) have developed and continue to develop policies and procedures as well as methodologies to adequately treat the issue of NPOs whilst satisfying the requirements of FATF. The issue of moment, however, for Jamaica and a number of other countries is how to develop the required legal and regulatory framework needed to fulfill the requirements of Recommendation 8, its attendant interpretive notes, methodology and immediate outcomes. This paper contemplates the question as to whether there is a deficiency in the current legal and regulatory framework for NPOs in the banking sector in Jamaica when compared to the Guidance given by FATF.

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