Grand Cayman, 24 January 2022 - By progressing
to completion the Financial Action Task Force plan, thereby
addressing remaining AML issues with our regime, the Cayman Islands
intends to be removed from the list of jurisdictions the FATF is
monitoring for AML effectiveness; and from an expected listing by
the EU, as a non-EU country considered to be at high risk for AML.
The EU is expected to finalise its list within a few weeks.
The FATF sets the global regulatory standard for AML (anti-money
laundering, countering the financing of terrorism, and countering
proliferation financing). In March 2019 the Caribbean Financial
Action Task Force, which provides regional support for the FATF,
recommended 63 actions for the Cayman Islands to complete in order
to further strengthen its regime. By February 2021, the Cayman
Islands had completed 60 of these actions; however, the FATF placed
it on its monitoring list and gave it an action plan to complete
the remaining three items.
