Enhanced Monitoring Report on the Implementation of the Standard on Transparency and Exchange of Information on Request 2026 Update (June)

Jamaica

(Adopted by the Global Forum in June 2026)

Jamaica joined the Global Forum in 2010. Jamaica underwent its Second Round of EOIR Peer Review in 2017 (Jamaica’s 2017 Report),1 which assessed its legal and regulatory framework in force as at May 2017 and its practical implementation, including in respect of EOI requests received and sent, during the review period from 1 July 2013 to 30 June 2016. Jamaica received an overall rating of Partially Compliant. Subsequently, Jamaica underwent a Supplementary EOIR Peer Review in 2018 (Jamaica’s 2018 Supplementary Report)2 which assessed its legal and regulatory framework in force as at 5 January 2018 and its practical implementation, including in respect of EOI requests received and sent, during the review period from 1 July 2016 to 30 June 2017. The overall rating of Jamaica was upgraded to Largely Compliant, and the individual Elements were rated as follows:

 

	A.1	A.2	A.3	B.1	B.2	C.1	C.2	C.3	C.4	C.5	Overall
Determinations	i.p.b.	i.p.	i.p.b	i.p.	i.p.	i.p.	i.p.	i.p.	i.p.	n.a.	LC
Ratings	PC	LC	PC	C	C	C	C	C	C	C

Status of implementation of recommendations issued in the peer review report

Jamaica received nine in-box recommendations in relation to Elements A.1, A.2 and A.3.

This monitoring report assesses the actions taken by Jamaica to address the recommendations issued in its Supplementary EOIR Peer Review Report and the peer input received for the monitoring period 2023-2024.

The report concludes that two recommendations are “considered provisionally addressed in the context of the monitoring process, subject to detailed validation”, six recommendations are “in the process of being addressed”, and one recommendation “has not been addressed”. The report advises on actions required.

Element A.1: Availability of ownership and identity information

1. Availability of beneficial ownership information for all relevant entities and arrangements

 

Recommendation (A.1, framework)	Jamaica should take appropriate measures to ensure that beneficial ownership information is available in line with the standard for all relevant entities and arrangements.
Underlying factor	Beneficial ownership information is available to some extent in Jamaica through (i) the concepts of “customer identification” and “evidence of identity” in the AML Regulations; (ii) the concepts of “ultimate effective control” and “ultimate ownership” in the Companies Act. However, in the case of companies and partnerships, these concepts cannot ensure that the bank will have to satisfy identifying the beneficial owner in accordance with the international standard. In addition, beneficial ownership information of partnerships and trusts is only available for those entities or arrangements with a bank account or engaging in business with an AML-regulated entity. (see paragraphs 118, 131, 170 to 175 of Jamaica’s 2017 Report and paragraphs 24 to 33 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	Banks must collect beneficial ownership information on companies, partnerships and trusts as per the Proceeds of Crime (Amendment) Regulations 2019. The amended Companies Act (2023) includes obligations for companies to maintain and report beneficial ownership information. Since 2022, through the enactment of the Trust and Corporate Services Providers Act, licensed trust service providers have to keep or cause to be kept adequate, accurate and current records on the identity of settlors, trustees, protectors (if any), enforcers, beneficiaries or class of beneficiaries, and any other person with ultimate effective control of the trust. These AML-obliged service providers are overseen by the Financial Services Commission.
Conclusion	Jamaica has made progress to address the recommendation. Amendments of the Proceeds of Crime Regulations (2019) and the Companies Act (2023) have brought the definition of beneficial ownership and the method of identification in closer alignment with the standard, but gaps remain. The Proceeds of Crime Regulations, Financial Services Commission AML Guidelines and Central Bank AML Guidance Notes make no specific reference to direct and indirect ownership and control, and limited reference to joint ownership and control. The concept of control through other means for legal persons is only included in the Financial Services Commission AML Guidelines, which is not applicable to banks, and restricted to the example of the Board of Directors. Further, there are misalignments between the regulations and the Financial Services Commission AML Guidelines, which can create confusion. Following amendments to the Companies Act (2023), companies must maintain beneficial ownership information and report it to the Registrar annually. The way the definition and method are set out can create confusion about which individuals to identify as beneficial owners as the interplay between the different steps of the cascading approach is unclear. Jamaica brought into force the Trust and Corporate Services Providers Act in 2022. Such service providers now also have beneficial ownership identification obligations. However, the interplay between the different steps in the approach to identify beneficial owners of companies and partnerships is unclear, the application of a threshold (20%) means that not all beneficial owners of partnerships might be identified, and there is no mention of a backstop option in the form of a senior manager. The definition and method of identification of beneficial owners of trusts is in line with the standard. In summary, all sources of beneficial ownership information have definitional and methodological gaps, and it is therefore not certain that all beneficial ownership information is available in line with the standard. Inconsistencies between the laws, regulations and guidelines can lead to confusion and inconsistency in applying the provisions. The beneficial ownership information on partnerships and trusts is only available through AML-obliged persons, but there is no obligation for them to continuously engage with an AML-obliged person, and adequate, accurate and up-to-date beneficial ownership information might therefore not be available for them at all times. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report on steps taken to align the definitions and methods of beneficial ownership identification with the standard and to remove inconsistencies. Report on the steps taken to ensure the availability of adequate, accurate and up-to-date beneficial ownership information for partnerships and trusts.

2. Enforcement actions for ensuring the availability of identity information

 

Recommendation (A.1, practice)	The Jamaican authorities should review its internal procedures for carrying out the enforcement actions to ensure the availability of identity information of all relevant entities and arrangements.
Underlying factor	During the 2009-12 period of review, the penalties provided under the relevant tax laws and commercial laws appear to be insufficient in providing an effective deterrence against non-compliance. The enforcement actions undertaken by Jamaican authorities also do not appear to be adequate or effective in ensuring the compliance with the filing and reporting obligations under the relevant laws. During the 2013-16 review period the situation continues to be very similar, even though the penalties in the ITA [Income Tax Act] and the CA [Companies Act] were updated. (see paragraphs 58 to 62, 78 to 84, 111, 115 to 116 and 123 to 125 of Jamaica’s 2017 Report and paragraphs 39 to 40 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	Following the Companies Act amendments 2023, the Registrar established an Anti-Money Laundering and Counter Financing of Terrorism Unit responsible for inspecting and verifying companies’ registers of members and beneficial owners. The filing of annual returns has been simplified and field officers monitor companies’ compliance with annual filing obligations and inform newly registered companies of upcoming annual return deadlines.
Conclusion	Jamaica has made progress to address the recommendation. Through the 2023 amendments of the Companies Act, Jamaica has significantly increased the amounts that companies must pay in fines for failure to keep a register of members or deliver an annual return containing such information. A unit has been established to verify companies’ registers of members and beneficial owners and field officers monitor compliance with annual return filing requirements. No statistics have been provided on supervision of filing obligations, levels of non-compliance and enforcement actions taken. No information or statistics have been provided on the monitoring and enforcement actions of the tax authority, including with regard to partnerships and trusts. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report on actions taken to supervise and enforce entities’ and arrangements’ obligations to maintain and report identity information, as well as the outcomes of such supervision and enforcement action.

3. Availability of information identifying partners of all limited partnerships

 

Recommendation (A.1, practice)	Jamaica should put in place proper mechanisms to ensure that information identifying partners of a limited partnership can be made fully available regardless of whether the limited partnership is carrying on a business in Jamaica or liable to tax in Jamaica.
Underlying factor	Information identifying partners of a limited partnership, which does not carry on a business in Jamaica or liable to tax in Jamaica, is not consistently available with the Public Record Office in practice. (see paragraphs 113 to 117 of Jamaica’s 2017 Report for more information)
Summary of actions reported	A new Partnership (Limited) Act was passed in 2017 but has not yet come into effect. It would place an obligation on partnerships and their partners to maintain (in Jamaica) and report information identifying partners.
Conclusion	No progress has been reported on addressing the recommendation. The Partnership (Limited) Act was already passed before the publication of the 2018 Report and no further progress has been made for a period of more than seven years. Jamaica is urged to address the recommendation and report substantive progress towards implementing the legislation in practice in its next self-assessment.
Status determined	Has not been addressed
Actions required	Jamaica should submit a schedule for completion of steps to address the recommendation and an update on its progress made to address the recommendation by 31 March 2027. In particular, Jamaica should – Report on actions taken to ensure that information identifying partners of a limited partnership is available regardless of whether the limited partnership is carrying on a business in Jamaica or liable to tax in Jamaica.

4. Availability of information identifying the settlor(s) and beneficiaries of a trust

 

Recommendation (A.1, practice)	Jamaica should put in place proper and robust mechanisms to ensure that information identifying the settlor(s) and beneficiaries of a trust is fully available with either the relevant authorities or the trustee.
Underlying factor	It is not clear whether the mechanisms that are in place to ensure that information identifying the settlor(s) and beneficiaries of a trust is available with the relevant authorities are effective in practice. (see paragraphs 122 to 129 of Jamaica’s 2017 Report and paragraphs 52 to 53 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	Since 2022, through the enactment of the Trust and Corporate Services Providers Act, licensed trust service providers have to keep or cause to be kept adequate, accurate and current records on the identity of settlors, trustees, protectors (if any), enforcers, beneficiaries or class of beneficiaries, and any other person with ultimate effective control of the trust. The Financial Services Commission conducts ongoing risk-based supervision of all individuals and entities licensed as corporate and/or trust services providers and their compliance with legal obligations. This includes annual off-site and regular on-site examinations and the application of enforcement action. Since 2023, the Financial Services Commission has conducted off-site monitoring of all services providers and completed four on-site inspections, with one currently ongoing. In case of deficiencies, corrective actions were expected from service providers. One case was referred for enforcement action. The Financial Services Commission also publishes bulletins, guidelines, discussion papers and other publications to increase understanding of the requirements. When a trust is in the ownership chain of a company incorporated under the Companies Act, the beneficial owners of the trust are disclosed.
Conclusion	Jamaica has made progress to address the recommendation. The Trust and Corporate Services Providers Act provides for the identification of beneficial owners, including settlor(s) and beneficiaries, of trusts that engage a licensed service provider, according to a definition and approach that is in line with the standard. Jamaica reported on supervisory and enforcement actions by the Financial Services Commission with regard to the Trust and Corporate Services Providers Act. Jamaica reported no further information on supervisory and enforcement measures by the Record Office, the Registrar or the tax authority or to implement the provisions of the Trusts Act. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report updated statistics on supervision of trust and corporate service providers and trustees, including non-professional trustees. Report on supervisory and enforcement actions, if applicable, of the Record Office, the Registrar and the tax authority to ensure the availability of information on settlor(s) and beneficiaries of trusts.

5. Implementation of procedures to abolish share warrants to bearer

 

Recommendation (A.1, practice)	Jamaica should monitor that the procedures to abolish share warrants to bearer are effectively implemented.
Underlying factor	Jamaica recently introduced provisions prohibiting public companies from issuing share warrants to bearer. (see paragraph 104 of Jamaica’s 2017 Report and paragraphs 42 to 46 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	According to the Registrar’s records, only three companies allowed the issuance of share warrants to bearer as per their articles of incorporation. These provisions have since been removed, and since 2017, the companies and the Registrar have successfully been working together to ensure that all such shares were returned to the companies. They have since been converted into registered shares.
Conclusion	Jamaica has taken actions to address the recommendation. The Registrar investigated the matter and took the necessary actions with the concerned companies. There are no longer share warrants to bearer in Jamaica.
Status determined	Considered provisionally addressed in the context of the monitoring process, subject to detailed validation
Actions required	No immediate action required

6. Availability of ownership and identity information on nominators

 

Recommendation (A.1, practice)	Jamaica should monitor the effectiveness of the application of [the] provisions to ensure that ownership and identity information is available in all cases where a legal owner acts on behalf of any other person as a nominee or under a similar arrangement.
Underlying factor	Jamaica recently introduced provisions requiring that information be available to identify the individual on whose behalf shares are held. (see paragraphs 74 to 76 of Jamaica’s 2017 Report and paragraphs 24 to 31 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	The Companies (Amendment) Act 2023 prohibits nominee arrangements and Jamaica is monitoring the implementation of the new provision to determine its effectiveness and practicality. Jamaica will be able to provide statistical information on the provision’s effectiveness in time for the next Round of enhanced monitoring. As of 2023, the Registrar established a unit to inspect and verify companies’ registers of members and beneficial owners. The Companies (Amendment) Act 2023 introduced sanctions if an annual return with beneficial ownership information is not accurate, adequate or up to date or not submitted. A company is issued two warning notices and in case of continued non-compliance it is struck off the register and dissolved. As at March 2025, the Registrar has struck off 925 companies for failure to provide beneficial ownership information since April 2023.
Conclusion	Jamaica has made progress to address the recommendation. Jamaica prohibited the use of nominee ownership in 2023. Jamaica is currently monitoring the implementation of the 2023 amendment and no further information on these actions is available yet. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report on actions taken to monitor the implementation of the prohibition of nominee shareholders.

7. Availability of legal ownership information for foreign companies

 

Recommendation (A.1, practice)	Jamaica should monitor the effectiveness of the application of [the] provisions to ensure that ownership information is available for foreign companies having a sufficient nexus to Jamaica.
Underlying factor	Jamaica recently introduced provisions requiring foreign companies conducting business in Jamaica to keep a register with information on the companies’ shareholders and beneficial owners. An obligation to report this information to the Companies Office Jamaica was also introduced. (see paragraphs 34 to 37 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	The Registrar is monitoring companies, including foreign companies registered in Jamaica, which do not comply with their annual filing obligations and have no registers, contrary to their obligations as per the Companies (Amendment) Act 2023. The Registrar also conducts sample checks on filed returns to detect errors or omissions. Established companies in good standing typically have up-to-date registers. Foreign companies have received 439 first warning notices and 386 second warning notices following the monitoring actions (with 53 companies having complied in the meanwhile), and to date, 164 foreign companies have been struck off the register because of persisting non-compliance.
Conclusion	Jamaica has taken actions to address the recommendation. Foreign companies with sufficient nexus to Jamaica are obliged to maintain and report information on their legal and beneficial owners. Jamaica has reported on enforcement actions against foreign companies that do not comply with these obligations, in the form of warning notices and strike offs, following which the companies cannot do business in Jamaica anymore.
Status determined	Considered provisionally addressed in the context of the monitoring process, subject to detailed validation
Actions required	No immediate action required.

Element A.2: Availability of accounting information

8. Oversight programme on accounting information filing and reporting obligations

 

Recommendation (A.2, practice)	Jamaica should put in place a comprehensive oversight programme to ensure that the filing and reporting obligations are complied with to ensure the availability of accounting information for all relevant entities and arrangements in all cases.
Underlying factor	Jamaica has recently introduced penalties under the commercial laws, for companies that fail to keep records, including accounting records. However, the COJ [Companies Office of Jamaica] did not supervise effectively the filing and reporting obligations under the Companies Act and it is not possible to assess the effectiveness of the applications of these newly introduced provisions. The availability of accounting information was supervised by the TAJ [Tax Administration Jamaica] through their regular audit programme and filing of annual tax returns. Although the tax filing compliance rates are low, it appears that TAJ’s [Tax Administration Jamaica’s] audit programme is comprehensive and ensures to a large extent the availability of accounting information for all relevant entities and arrangements subject to supervision by the TAJ [Tax Administration Jamaica]. (see paragraphs 141 to 143 and 153 of Jamaica’s 2017 Report and paragraphs 57 to 59 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	The Registrar is monitoring companies that do not comply with their annual filing obligations and have no registers. The tax authority continues its extensive audit programme, consisting of risk-based case selection, off-site and on-site monitoring, including the examination of tax returns, financial records and taxpayer activities. The average filing rate for 2023-2024 was 66%. The tax authority has carried out between 713 and 940 audits annually over the last three fiscal years, covering between 3.6% and 7.3% of large and medium taxpayers each year. Jamaica reported 24 cases of failure to provide accounting books and records between 2022 and 2025. Jamaica has been able to provide accounting records as requested by EOI partners.
Conclusion	Jamaica has made progress to address the recommendation. Compliance with accounting record keeping and filing obligations is monitored by the Registrar and the tax authority. The tax authority reported an improved filing rate compared to the time of the Peer Review Report and provided statistics on audits carried out and numbers of failures to provide accounting books and records. No statistics were provided on sanctions issued with regard to the failures. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report further actions taken to monitor the compliance with accounting information filing and reporting obligations, including statistics on the tax authority’s audit programme and the Registrar’s oversight framework, non-compliances identified, and enforcement action taken.

Element A.3: Availability of banking information

9. Availability of beneficial ownership information for all account holders

 

Recommendation (A.3, framework)	Jamaica should take appropriate measures to ensure that beneficial ownership information is available in line with the standard for all account-holders.
Underlying factor	The concept of beneficial ownership information is not defined for CDD [customer due diligence] purposes. However, beneficial ownership information is available to some extent through the concepts of “customer identification” and “evidence of identity” in the AML regulations. These concepts cannot ensure that the bank will have to satisfy identifying the individual that exercises ultimate effective control before identifying the senior managing official. (see paragraph 63 of Jamaica’s 2018 Supplementary Report for more information)
Summary of actions reported	As per the AML framework, banks must conduct customer due diligence on the legal entities and arrangements that are their clients, which as per the amended Proceeds of Crime Regulations (2019) includes the collection of beneficial ownership information. Banks also have access to the Companies Register and the beneficial ownership register, and the Registrar is engaging with banks and government agencies to increase their use of the beneficial ownership register. Banks must report any discrepancies identified.
Conclusion	Jamaica has made progress to address the recommendation. Amendments of the Proceeds of Crime Regulations in 2019 have brought the definition of beneficial ownership and the method of identification in closer alignment with the standard, but gaps remain. No specific reference is made to direct and indirect ownership and control or to joint ownership and control. There is no reference to control through other means and more generally no guidance for banks on the definition and method of identification of beneficial owners. Jamaica should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment in 2028, Jamaica should – Report on steps taken to align the definitions and methods of beneficial ownership identification with the standard. Report on steps taken to ensure the availability of adequate, accurate and up-to-date beneficial ownership information for all account holders.

EOIR experience

Over the monitoring period, Jamaica received three requests and sent two requests. Jamaica reported providing full and final responses to two of the incoming requests within 90 days and a partial response to one request (within more than 90 days), with information to the requesting jurisdiction on where the rest of the information would be available. Status updates were provided throughout within 90 days. There are no pending requests.

Four members provided peer input on Jamaica. Peers reported general satisfaction in respect of their EOIR experience with Jamaica.

New developments having a bearing on the EOIR standard

No recent developments that could have a bearing on the EOIR standard (other than those reported to address recommendations) have been reported by Jamaica or have otherwise come to light.

Next steps

Jamaica should continue taking actions towards implementing the standard effectively.

The following next steps are expected from Jamaica:

• For the recommendation where lack of material progress has been identified for more than three years since the last review, Jamaica should submit to the PRMG - i) a schedule for completion of steps to address the recommendation and ii) an update, including details on the progress on such recommendations by 31 March 2027

  • Recommendation 3, on availability of information identifying partners of all limited partnerships (Element A.1)

• Submit its next self-assessment in 2028 under the second round of enhanced monitoring.

• See also Chapter 1 (Scope and Methodology), section on “PRMG decisions – Statuses determined and actions required”, which explains the next steps expected on recommendations that are “considered provisionally addressed in the context of the monitoring process, subject to detailed validation”.

Views/response of the monitored jurisdiction

Jamaica thanks the Peer Review and Monitoring Group and the Global Forum Secretariat for the work they have done in the preparation of Jamaica’s Enhanced Monitoring Report.

Jamaica is pleased that the report reflects Jamaica’s progress of compliance with the international standard of exchange of information on request. Jamaica acknowledges that there is more work to be done but remains committed to working diligently and creatively to ensure that the remaining recommendations are fully addressed.

Notes

← 1.  OECD (2017), Global Forum on Transparency and Exchange of Information for Tax Purposes: Jamaica 2017 (Second Round): Peer Review Report on the Exchange of Information on Request, Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD Publishing, Paris, https://doi.org/10.1787/9789264280281-en.

← 2.  OECD (2018), Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Jamaica 2018 (Second Round, Supplementary Report): Peer Review Report on the Exchange of Information on Request, Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD Publishing, Paris, https://doi.org/10.1787/854b209b-en.