FATF visit to decide Cayman’s ‘grey’ list fate
Attorney General Samuel Bulgin KC, Financial Services Minister André Ebanks and Head of AMLU Unit Francis Arana at the FATF Plenary in Paris, 23 June 2023 
FATF plenary session, Friday 23 June 2023 (from social media) 
FATF President Raja Kumar of Singapore (right) at Friday’s plenary session (from social media)
(CNS): The Financial Action Task Force plenary session wrapped up in Paris on Friday, but the Cayman Islands is still on the FATF “grey” list, meaning that this jurisdiction’s measures to combat money laundering and terrorist financing (AML/CFT) remain under increased monitoring. Although Cayman has “substantially completed its action plan”, it will not be removed from the list before a successful onsite assessment by FATF officials in late summer to verify the implementation and sustainability of the reforms.
Cayman is now very close to being delisted but is not completely out of the woods. Despite the local optimism, the FATF has implied that the visit is an important step in the removal process to ensure the commitment made to reform is a reality in practice.
A press release from the Ministry of Financial Services said that having “fully satisfied the action plan” set out by FATF, the Cayman Islands is eligible to be removed from the list of countries being monitored, subject to the “successful completion of an onsite visit”, which has been tentatively scheduled for late August or early September.
A report of the visit will then be presented at the next FATF plenary meeting, scheduled for October, at which the Cayman Islands will receive confirmation as to whether or not it will be delisted.
“Satisfying all of the 63 recommended actions is a major step towards the Cayman Islands being delisted,” said Financial Services Minister André Ebanks, who was in Paris this week leading the local delegation. “But, as is the case for other listed countries that met this milestone, there is one more step to complete, and all relevant stakeholders need to remain focused.”
In a summary of the situation in the Cayman Islands, the FATF listed the key reforms that have been rolled out to strengthen the effectiveness of its AML/CFT regime. It found that Cayman has implemented administrative penalties and enforcement actions against obliged entities to address breaches in a timely manner. The jurisdiction has also committed to the effective prosecution of all types of money laundering in line with its risk profile.
Attorney General Sam Bulgin said preparations were already underway for the onsite visit. “The FATF process is rigorous with reason. Its purpose, among other things, is to ensure that local authorities can effectively deter, detect, investigate and prosecute serious crimes,” he said.
Cayman Finance CEO Steve McIntosh said the organisation recognised that there was still work to be done during the upcoming onsite inspection. However, he welcomed the FATF announcement, and on behalf of Cayman Finance’s board and members, he congratulated “the entire government delegation and all those in the many departments and agencies that contributed to reaching this milestone on the road to delisting”.
Cayman Finance Board Chairperson Conor O’Dea said the announcement was testament to the perseverance of both the government and the private sector.
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Category: Business, Financial Services
I do hope they don’t meet any of our politicians…
No bigger Money Laundering district than the good ole USA
Well done. A big step to clearing up Alden’s mess.
Alden’s and AG’s mess is not fully known by most as yet in the public, but it will be.
Then, we’re going to have to start back from almost scratch with FATF.
Fact here will prove to be far more peculiar than fiction. Wait, watch, learn.
We have been sold out by some of our own MPs and it will only make issues worse to deal with respecting FATF and OECD, who do not care to see us prosper in any event.
All around, very unfortunate.
Late summer is the worst time for a boondoggle to Cayman. Much nicer in mid-November. Come then instead.
“To be, or not to be, that is the question” (William Shakespeare, Hamlet).
‘dirty deeds done dirt cheap'(bon scott ac/dc)
everyday is exactly the same-trent reznor
yawn….the dogs in the street know what ‘financial services’ in Cayman really mean…..
Cayman STOP listening to lies ,We are not going to get off their so called list. Stop destroying our island’s environment and reduce this overpopulation will do more to improve our economic situation than this distraction.
You are right “we will never get off their so called list” FATFA will never be satisfied. Just imagine Zimbabwe and Pakistan has been removed! That says it all. They don’t even know nor understand what it is they are looking for. We are not perfect but if all other clients are given half as much hoops to jump through as the regular joe is given to merely open a savings account or reporting our job redundancy payout being transferred to our accounts then I believe all is well on this 2×4 Rock. They have always been jealous so stop trying to please them – it will never happen. Tell them to stop trying to be relevant at our expense.
The removal of Pakistan and Zimbabwe from the list, two countries that actually have AML issues and strong links to the funding of terrorism shows that FATF is not concerned with these things but instead is used to pursue another agenda. I agree with the first commenter – the goal posts will be shifted and the Cayman Islands will be left of the list
Sorry I meant to say that the goal posts will change and we will be left “on” the grey list …
And yet another unaccountable corrupt globalist organization.
The frogs have not been turned gay, Alex Jones
Actually they are due to chemical pollution.
Since they are coming to inspect/ audit won’t they need a work permit?
What do we expect when the government constantly brags of their billion dollar surplus and budget?????
What a silly little game.
Every single FATF member country is conflicted. What they really want is to destroy the Cayman Islands financial services industry so they can reap the benefits.
Just watch. Come time for the on-site visit the goal posts will be magically moved once again and the FATF will say your close but no cigar.
Why is it alway smaller nations, mainly ex colonies that are subjected to the duplicitous unfair treatment while the US, Switzerland, Monaco, Singapore, China, etc all get a pass.
Singapore and Hong Kong are much more attractive countries for the workers in the financial services industries.
They are both first world countries with a much higher quality of life. Excellent infrastructure and modern day public transport systems. Robust law enforcement, elite airports, and excellent schools.
The leaders of the Cayman Islands best get to work on improving the quality of life, because the other countries have the same friendly regulations now.
Singapore is great. Downside is it’s about 100 degrees year around.
As for HK, if you like smog and communist rule by all means please go work there. You’ll be back in Cayman within a year.
Don’t forget to mention ” living like sardines”
Yeah yeah yeah. All the evil in shores want to destroy the offshore industry. So pray tell why are Bermuda and BVI not on the grey list, but we are?
Crystal ball showing we will be back on it soon