The Cayman Islands has been faraway from the Monetary Motion Process Drive (FATF) anti-money laundering gray checklist after greater than two years.
The British abroad territory was listed in February 2021 as a result of a failure to efficiently prosecute or sanction these concerned in monetary crime.
The FATF introduced the choice to de-list Cayman following the October plenary in Paris that was held this week.
“Crew Cayman confronted this problem with religion, competence and dedication,” mentioned Monetary Providers Minister André Ebanks, who was in Paris for the session.
“We had a shared dedication to step out from beneath this shadow as quickly as attainable, and immediately, we now have executed precisely that… Compliance with the FATF normal helps defend all of us as we conduct on a regular basis enterprise, whether or not that’s banking, buying native items, or donating to charities.”
This completes Cayman’s participation in FATF’s 4th-Spherical Mutual Analysis course of.
The fifth Spherical course of begins in 2025, with Cayman anticipating its analysis in 2026.
Legal professional Normal Samuel Bulgin mentioned officers at the moment are monitoring and anticipating modifications to the FATF normal and analysis methodology to make sure native insurance policies and laws align.
They’re additionally “monitoring modifications to the FATF analysis methodology, to evaluate how finest to reveal the Cayman Islands’ effectiveness in implementing the usual”.
Bulgin and the minister mentioned that classes discovered throughout FATF’s 4th Spherical are guiding preparations for the following spherical. In the meantime, Premier Wayne Panton mentioned it was a “fruits of the tireless efforts, advocacy and diplomacy” by the numerous public servants concerned, in addition to the minister and the lawyer common.
“Our monetary providers business additionally gave their full cooperation, strolling each step of this journey with us, and our public has been very supportive of our progress in assembly the FATF normal,” he mentioned, including that it was a reinforcement of the sound status of the Cayman Islands.
Donate At Caribbean Information Service, we don’t cost for our content material and we wish to hold it that manner. We’re in search of help from people and organisations so we are able to
proceed our work & develop CNS additional.
