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ARTICLE · 31 OCTOBER 2023

Cayman Islands Successfully Completes FATF Review Process

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The Financial Action Task Force (FATF) has removed the Cayman Islands from a list of countries whose anti-money laundering regimes are under increased monitoring.

GlobalFinance and Banking
Michael Klein
Michael Klein
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The Financial Action Task Force (FATF) has removed the Cayman Islands from a list of countries whose anti-money laundering regimes are under increased monitoring.

The global AML standard setter confirmed in June that the Cayman Islands had satisfied all the elements of an agreed action plan.

At the organisation's plenary in Paris on 27 Oct., FATF members accepted a report by the Americas Joint Group and its recommendation to take the Cayman Islands off the so-called grey list.

The sub-group of the FATF International Cooperation Review Group visited the Cayman Islands in early September 2023 to verify AML practices, as well as government's commitment and efforts to comply with global AML standards going forward.

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