Cayman cleared from all international black-lists

(CNS): For the first time in several years, the Cayman Islands is not on any international official lists that call the jurisdiction’s role in the global financial system into question. Following Cayman’s removal from the Financial Action Task Force list of countries required to improve their anti-financial crime regimes, Cayman was, on Wednesday, finally officially removed from the European Union’s list of high-risk countries with anti-money laundering, countering the financing of terrorism and counter-proliferation financing deficiencies.

Cayman fell foul of the FATF several years ago due to weakness in the prosecution and sanctions regime surrounding financial crime. However, it was removed from the FATF’s list in November last year after more than two years of diplomacy, changes to laws here and the prosecution of Canover Watson and Bruce Blake in a scandal related to the regional football association, CONCACAF.

That triggered the delisting process for the EU list, as the the blacklisting by the FATF was the main reason Cayman’s financial sector found itself on the wrong side of the European Union rules. Once removed from that list, the EU set in motion the legislative changes required to remove the jurisdiction from their list as well.

Cayman’s newfound freedom from any controversial lists is expected to boost the offshore industry’s fortunes due to its sustained AML reforms.