Cayman Islands removed from FATF’s grey list

by Matthias Plötz 22 November 2023

Following a plenary session held on 25-27 October in Paris, the Financial Action Task Force (FATF) removed the Cayman Islands from the organisation’s AML/CFT grey list.

The British overseas territory was listed on FATF’s grey list in 2021 and given action points to satisfy in order to be deemed FATF compliant. An onsite inspection conducted by FATF earlier this year satisfied the organisation in its expectations for an efficient implementation of a beneficial ownership regime and demonstration that AML cases were being prosecuted.

“One final requirement for delisting the Cayman Islands was for the jurisdiction to demonstrate the prosecution of money laundering offences and that such prosecutions resulted in the application of dissuasive, effective and proportionate sanctions,” explains Gary McLean, head...

Categories: AnalysisNewsFundraising & fund structuringDomicilesOutsourcingFund administrationRegs & ComplianceDomicileRegulatory update

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