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ARTICLE · 14 MARCH 2022

EU AML List Will Add The Cayman Islands

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Instead, the UK law refers only to a prohibition of the establishment of SSPEs established in FATF "blacklist" jurisdictions.

European UnionGovernment, Public Sector
Michael Sholem
Michael Sholem
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On February 21, 2022, Commission Delegated Regulation1 was published in the Official Journal of the European Union which will add the Cayman Islands to the list of countries that have been identified by the European Commission as having strategic anti-money laundering ("AML") and counter-terrorist financing ("CTF") deficiencies (the "EU AML/CTF List"). This new law, and the changes to the EU AML/CTF List, will take effect on March 13, 2022. This listing is linked to the Cayman Islands having been added to the Financial Action Task Force ("FATF") "greylist" of jurisidictions under increased monitoring in June 2021, prompting the European Commission to assess whether the Cayman Islands should be added to the EU AML/CTF List. 

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