Dublin / New York, July 11, 2023 The Financial Action Task Force (FATF) recently confirmed that the Cayman Islands has successfully fulfilled all the FATF Recommended Actions (RAs). This acknowledgment recognizes the jurisdiction's robust and effective regime against money laundering and terrorist financing. The FATF made the announcement after conducting a thorough assessment of the measures implemented by the Cayman Islands to fully comply with the FATF's 63 RAs.
The decision by the FATF is a positive acknowledgment of the Cayman Islands' commitment to adhering to international standards.
After a successful on-site inspection by the FATF, the Cayman Islands will become eligible for removal from The FATF greylist, which is officially known as the "Jurisdictions under Increased Monitoring" list. This list identifies countries that have deficiencies in their AML/CTF (Anti-Money Laundering/ Combating the Financing of Terrorism) systems, but which have committed to working with the FATF to address these deficiencies. The removal from this list is anticipated to occur at the FATF's October 2023 plenary session.
Consequently, it is expected that the jurisdiction's removal from the EU's AML/CFT List will follow in due course. The Ministry of Financial Services & Commerce of the Cayman Islands is actively engaging in direct discussions with EU officials to advance the necessary enhancements to the regulatory framework, facilitating the removal from the EU's AML/CFT List.
Aisling Feehan, Regulatory Services Manager at Centaur, says “We are delighted to hear that the Cayman Islands has successfully fulfilled all the FATF RAs. Centaur operates within a stringent regulatory environment and prides itself on its commitment to maintaining the highest standards of transparency, integrity, and regulatory compliance. The compliance by The Cayman Islands' will reassure our clients that their investments are managed within a secure and well-regulated jurisdiction that adheres to global best practices.”
ABOUT THE FINANCIAL ACTION TASK FORCE (FATF)
The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing. For more information, visit https://www.fatf-gafi.org/en/home.html