The Cayman Islands remains on the Financial Action Task Force’s grey list of 23 countries or jurisdictions that are subject to increased monitoring by the global anti-money laundering and terrorist financing watchdog.
Just two countries – Pakistan and Nicaragua – were removed from the grey list following the FATF plenary in Paris, France, which concluded today, Friday, 21 Oct.
The FATF placed Cayman on the grey list in February 2021, citing as reasons for the move a lack of fines and enforcement actions by Cayman’s regulatory bodies. This automatically led to Cayman also being placed on the European Union grey list in February this year.
In a statement issued Friday, the FATF said, since it was placed on the list, Cayman had made a “high-level political commitment” to work with the FATF and the Caribbean FATF to strengthen its anti-money laundering and counter-terrorism regime, and had imposed “adequate and effective sanctions in cases where relevant parties (including legal persons) do not file accurate, adequate and up-to-date beneficial ownership information in line with those requirements”.
October 20, 2022 Published by The Cayman Compass.