The Cayman Islands has been removed from the Financial Action Task Force’s (FATF) “Grey List” of jurisdictions under increased anti-money laundering (AML) monitoring. This decision follows two years of cooperation between the public and private sectors, demonstrating the country’s commitment to global AML standards. The Cayman Islands met all recommended actions and passed an on-site inspection by the FATF, leading to this milestone.
The removal from the FATF’s “Grey List” is expected to lead to the Cayman Islands’ removal from the European Union’s AML/Counter Financing of Terrorism (CFT) List. The Ministry of Financial Services & Commerce is actively working to enhance the jurisdiction’s regulatory framework for this purpose.
This development is significant for the Cayman Islands as it enhances its commercial opportunities and provides greater protection for businesses operating there. It confirms that the Cayman Islands’ AML regime effectively combats financial crimes and supports international efforts.