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ARTICLE · 02 JANUARY 2024

Positive Development For The Cayman Islands: EU AML Delisting Process Commences

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On 12 December 2023, the European Commission published Commission Delegated Regulation (EU) (the "Delegated Regulation") amending Delegated Regulation...

GlobalGovernment, Public Sector

On 12 December 2023, the European Commission published Commission Delegated Regulation (EU) (the "Delegated Regulation") amending Delegated Regulation (EU) 2016/1675 to update its list of 'high-risk third countries' ("EU AML List") identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing ("AML/CFT") regimes.

The Delegated Regulation provides for the removal of the Cayman Islands from the EU AML List. The Commission consulted the EU's Expert Group on Money Laundering and Terrorist Financing before adopting the Delegated Regulation. It will now be examined by the Council of the EU and the Parliament. If neither objects, it will be published in the Official Journal of the EU and will enter into force 20 days after publication.

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