Cayman Islands To Be Listed As High-Risk Third Country

In the coming weeks, the EU will finalise proposals to include the Cayman Islands on its list of high-risk third  countries for AML purposes. Once included, EU obliged entities are required to apply enhanced customer due  diligence when establishing business relations or carrying out transactions involving the Cayman Islands. The  following amendments to the EU list of high-risk third countries are also proposed:

• Burkina Faso, Haiti, Jordan, Mali, Morocco, the Philippines, Senegal, and South Sudan are, in addition to the Cayman Islands, to be added to the list of high-risk third countries.
• The Bahamas, Botswana, Ghana, Iraq and Mauritius are to be removed from the list.
• Turkey is under review but will not be added to the list subject to the implementation of relevant mitigating measures.