FATF Compliance – EU Confirms No Additional AML-CFT Measures For Cayman

The Cayman Islands recently introduced measures to further improve its technical compliance with the 40 Financial Action Task Force ("FATF") recommendations relating to anti-money laundering and countering the financing of terrorism ("AML/CFT").

As explained in our earlier article Cayman Improves its FATF Technical Compliance, the Cayman Islands remains under monitoring with regards to the Caribbean Financial Action Task Force's (CFATF) effectiveness review. In June 2021, following the FATF's plenary meeting, the FATF issued a public statement confirming only two action items remained, namely:

• imposing adequate and effective sanctions in cases where relevant parties (including legal persons) do not file accurate, adequate and up-to-date beneficial ownership information in line with those requirements;