Cayman Islands to get off EU black list next month

| 19/01/2024 | 27 Comments
Minister André Ebanks (from social media)

(CNS): The Cayman Islands will finally be removed from the European Union’s black list of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on 7 February, government officials have said. An amendment to the relevant EU regulation says that, based on Cayman’s removal from the Financial Action Task Force’s AML ‘grey list’ and other information, an assessment by the European Commission found that this jurisdiction had strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the FATF’s action plans.

The EU also noted Jordan’s improved regime. As a result, both the Cayman Islands and Jordan have been removed from the EU’s blacklist

“The Cayman Islands Government fully understands the significance of this achievement and what it means for our international reputation,” said Financial Services Minister André Ebanks. “My government colleagues and I are profoundly thankful for the dedication of the many civil servants, regulators and industry members who walked the talk, earning our regime this recognition as a sound place for business. And we reaffirm our commitment with each milestone we achieve.”

Cayman was on the list for several years, largely as a result of deficiencies in the prosecution and punishment of financial crimes here that saw the jurisdiction fall foul of the FATF’s criteria and then subsequently blacklisted by the EU.

Ebanks added that talks between the EU and Cayman on a range of financial service-related matters, including the delisting, had been “incredibly useful in deepening our mutual understanding”.

“I particularly note the positive, open approach that increasingly characterises our relationship. Being removed from the EU’s AML list paves the way for further dialogue on the policy goals we pursue,” the minister said.


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Category: Business, Financial Services, Politics

Comments (27)

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  1. Anonymous says:

    so can we we now use our cayman cards for online purchases without 75% of them rejecting or not accepting us???

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  2. Cayman Facade says:

    Off the blacklist whilst the place goes to shit as one of the most of unsafe places in the Caribbean ?? Remember folks it’s a Hostile Environment out there ! Supposedly for Criminals???

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    • Anonymous says:

      “one of the most of unsafe places in the Caribbean ” 😂😂😂 stopppp itttt

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      • Anonymous says:

        Obviously you don’t travel much. We need to get a grip on crime but we are not “one of the most unsafe places in the csribbbean”

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    • Anonymous says:

      The uncontrolled invasion of Jamaicans who bring drugs crime and violence has to be stopped.
      Cayman is being destroyed by these people who spread their disease wherever they go.

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      • Anonymous says:

        You can’t blame the low level 3rd world runners following instructions from their entrenched Caymanian mobster handlers. None of Cayman’s senior criminal leadership have been arrested or tried in decades. 80% of HM Northward houses their various Caymanian underlings, and yet, those serving sentences don’t feel safe enough to plea and bear witness because our cops are so bent. Please redirect your classist xenophobia towards something that is truely a bigger unaddressed problem.

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  3. Anonymous says:

    It matters little but I thought we were on the grey list, not the black list? Only there’s a BIG difference between the two!

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  4. Anonymous says:

    Let’s not kid ourselves. 100’s of thousands of companies and no staff. There is no economic substance. It’s no tax and no regulation is why they are here. Being able to but citizenship and property with no taxes helps too!

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    • Anonymous says:

      It’s funny how you can apparently live somewhere and yet clearly have no understanding beyond crappy TV shows as to what is really going on around you.

  5. Anonymous says:

    Premier Juliana has a greatest government,

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  6. Anonymous says:

    Will this mean our banks will provide better customer service and give better value for money for locals? If not then meh!!!!!

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    • Some guy with odd shoes says:

      No, it won’t mean that. Customer service is a thing of the past, way back when banks needed and courted their customers.

      There are little enclaves in the U.S. and the UK where banks still compete and need customers and treat them respectfully. I don’t see that happening here; our banks dictate how they will treat us and we are expected to like it, and really, what is the recourse? Unlike the U.S. and UK, there is noplace else to go that isn’t just the same.

      Sucks to be us.

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      • Anonymous says:

        There are no Caymanian banks either. The previous shareholders didn’t have the foresight to hold on to their shares

    • Anonymous says:

      Our foreign-owned and operated retail banks don’t need to pretend to pay customers interest for the honor of utilizing their pledged capital and collateral, and they are allowed to tax it in the other direction at a rate of their discretion without any regulation by CIMA. Customers are being charged for self-directed internal transfers between their own household accounts without the involvement of any other party. Consumer advocacy doesn’t exist in Cayman.

  7. Hubert says:

    2:54, The damn dump will never be fixed.

    When are you going to understand that fact?

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  8. Anonymous says:

    Well done Andre and team.
    Good to have one member of our government who has education.

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    • Anonymous says:

      I hope nobody is fooled into thinking that Andre did this on his own? 90%of the credit goes to the civil servants, CIMA and the private sector!!!

      Andre basically gets to make the announcement, that about it!!

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      • Anonymous says:

        At least André informs himself of the facts and more importantly, doesn’t embarrass us in front of an international audience when acting as our ambassador in related negotiations.

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    • Anonymous says:

      *an education

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  9. Anonymous says:

    Maybe the FATF and Andre should agree on another colour list we should be put on? Red list? Amber list? Green list, maybe not.

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  10. Anonymous says:

    This is good news as we compete with Hong Kong and Singapore! Well done, Minister Ebanks!

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  11. Anonymous says:

    Yawn. Fixed the damn dump yet?

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