Cayman cleared from all international black-lists

| 09/02/2024 | 3 Comments
Cayman News Service
European Union Commission building in Brussels

(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. 

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Category: Business, Financial Services

Comments (3)

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  1. Anonymous says:

    Until the goal posts are moved again and we have to jump through new hoops to comply … the never ending game …

  2. Anonymous says:

    Nobody cared that we were on there in the first place except for the couple people in gov’t who are paid to pretend to care.

  3. PhenomAnon says:

    For those of you who haven’t seen this game played before, note that Cayman’s financial industry already had more stringent AML/KYC regulations than the US, UK and EU BEFORE jumping through the most recent hoops to arrive at its current “cleared from all international blacklists” status. Those international regulatory bodies are now looking for NEW ways to put Cayman back on their black/grey/magenta/whatever lists. Why? Because its all about competition. The more regulations that they force offshore competitors to adopt, the higher the cost of doing business in offshore jurisdictions.

    Cayman will be back on some list by the end of the year.


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