Tag: Financial Action Task Force
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 […]
Cayman’s AML ‘delisting’ begins in Europe and UK
(CNS): Following the removal of the Cayman Islands from the Financial Action Task Force grey-list last month, the jurisdiction is now also being removed from other lists related to anti-money laundering, countering the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) regime.
Bills passed to improve BO disclosure regime
(CNS): Financial Services Minister André Ebanks has steered several bills through parliament, including a stand-alone Beneficial Transparency Ownership Act to improve the current regime on how information relating to who benefits from financial entities registered here is shared and to stay ahead of changing standards and rules. Explaining the law during last week’s special parliamentary […]
Cayman finally off FATF AML grey list
(CNS): The Cayman Islands has finally been removed from the Financial Action Task Force(FATF) anti-money laundering “grey list” after more than two years of trying. The jurisdiction was listed in February 2021 due to a failure to successfully prosecute or sanction those involved in financial crime. FATF announced the decision to de-list Cayman following the […]
Final FATF onsite visit key to Cayman’s ‘de-listing’
(CNS): Local officials remain hopeful that the Cayman Islands will be removed from the Financial Action Task Force’s grey list during the upcoming FATF Plenary in October after a final visit by FATF officials last week. The onsite visit by a delegation from the Americas Joint Group, a sub-working group of the FATF’s International Co-Operation […]
FATF visit to decide Cayman’s ‘grey’ list fate
(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 […]
Officials still trying to get Cayman off grey list
(CNS): Financial Services Minister André Ebanks, Attorney General Samuel Bulgin and other government officials were in Mexico last week continuing efforts to get the Cayman Islands off the Financial Action Task Force (FATF) grey list of jurisdictions when it comes to money laundering. Cayman is still on the ‘watch’ list, as concerns remain about the […]
FATF still concerned by Cayman’s failings on action plan
(CNS): The Financial Action Task Force has expressed concerns that the Cayman Islands is still failing to complete its action plan to address the “remaining strategic deficiencies” by demonstrating that all types of money laundering cases are being prosecuted in line with the jurisdiction’s risk profile. Officials here were hoping that the FATF would have announced […]
CIG makes another bid to get off FATF ‘grey list’
(CNS): A Cayman Islands Government delegation, led by Financial Services Minister André Ebanks and Attorney General Sam Bulgin, met recently in Miami with the Financial Action Task Force (FATF) review group on money-laundering investigations and prosecutions here to demonstrate the jurisdiction’s renewed capability and capacity for fighting financial crimes. The meeting was part of the process […]
Cayman still on FATF grey list over AML issues
(CNS): The Cayman Islands remains on the Financial Action Task Force grey list while Nicaragua and Pakistan were removed following this week’s meeting in Paris to review the political commitment made by countries to meet the requirements needed to combat global financial crime. In a statement issued Friday, the FATF said that Cayman, which has […]
More challenges ahead for offshore sector in EU
(CNS): The financial services industry in the Cayman Islands is bracing itself for another rocky year, as this jurisdiction could be included on the European Union’s list of high-risk third countries for money laundering that pose significant threats to the financial system of the Union.
