Financial Crime World

Title: Cayman Islands Make a Leap Forward in Financial Compliance: Global Recognition Achieved

Subtitle

  • The Cayman Islands have been removed from the Financial Action Task Force (FATF) “greylist.”
  • They are now on the “white lists” of both the United Kingdom (UK) and the European Union (EU) for AML/CFT regulations.

Background

The Cayman Islands have made significant progress in financial compliance and regulatory standards, leading to their recent removal from the FATF “greylist” in March 2023. This accomplishment has propelled the jurisdiction onto the “white lists” of both the UK and EU.

Identified as a “greylist” Jurisdiction

  • In 2019, the Cayman Islands were identified by the FATF as having strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CFT) regimes.
  • The jurisdiction was given a plan of action to address these deficiencies.

Demonstrating Substantial Progress

To demonstrate substantial progress in implementing various AML/CFT measures, the Cayman Islands:

  1. Adopted a beneficial ownership registry
  2. Enhanced their regulatory framework

Resulting Recognition

  • The UK and EU have acknowledged the progress made by the Cayman Islands.
  • The removal from the FATF “greylist” eliminates potential barriers to business operations.

Benefits for Financial Institutions and Service Providers

  • Improves global reputation
  • Enhances clients’ trust in their regulatory compliance
  • Expands network of partners and investors

About FundBank

FundBank is a leading provider of financial solutions and services for clients based in the Cayman Islands and around the world. Our dedicated team of experts is committed to helping our clients navigate the ever-changing regulatory landscape and achieve their financial objectives. For more information, please visit our website at www.fundbank.com.

Conclusion

The Cayman Islands’ recent achievements in AML/CFT compliance have led to significant global recognition, marking the beginning of a new era for financial institutions and service providers in the jurisdiction. This progress is expected to further strengthen the Cayman Islands’ position in the increasingly competitive international financial landscape.