Cayman Islands Removed From FATF "Grey List"

On 27 October 2023, the Financial Action Task Force (“FATF”) announced at its plenary in Paris that the Cayman Islands would be removed from its anti-money laundering “grey list” as the FATF has determined that the Cayman Islands AML regime now meets the international standard.

Background / Timeline

In March 2019, following an assessment of the jurisdiction by the Caribbean FATF (“CFATF”), the CFATF published a Mutual Evaluation Report (the “Report”) which assessed the effectiveness of the Cayman Island's anti-money laundering, countering terrorist and proliferation financing measures and compliance with the FATF's '40 Recommendations'.

In February 2021, a follow up report published by the FATF rated the Cayman Islands as compliant or largely compliant with 39 of the FATF's 40 recommendations.