GEORGE TOWN, Cayman Islands, CMC- The Cayman Islands might be faraway from the European Union’s blocklist of jurisdictions with deficiencies of their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on February 7.
In line with authorities officers, an modification to the related EU regulation says that, primarily based on Cayman’s removing from the Monetary Motion Job Pressure’s AML ‘gray record’ and different info, an evaluation by the European Fee discovered that this jurisdiction had strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to satisfy the FATF’s motion plans.
The EU additionally famous Jordan’s improved regime. Consequently, each the Cayman Islands and Jordan have been faraway from the EU’s blocklist.
“The Cayman Islands Authorities totally understands the importance of this achievement and what it means for our worldwide fame,” mentioned Monetary Providers Minister André Ebanks.
“My authorities colleagues and I are profoundly grateful for the dedication of the various civil servants, regulators, and business members who walked the speak, incomes our regime this recognition as a sound place for enterprise. And we reaffirm our dedication with every milestone we obtain.”
Cayman was on the record for a number of years, primarily as a consequence of deficiencies within the prosecution and punishment of monetary crimes right here that noticed the jurisdiction fall foul of the FATF’s standards after which subsequently blocked by the EU.
Ebanks added that talks between the EU and Cayman on numerous monetary service-related issues, together with the delisting, had been “extremely helpful in deepening our mutual understanding.”
“I significantly notice the constructive, open strategy that more and more characterizes our relationship. Being faraway from the EU’s AML record paves the best way for additional dialogue on the coverage targets we pursue,” the minister mentioned.
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