Here is the rewritten article in Markdown format:

European Commission Removes Cayman Islands from High-Risk List

The European Commission has made a significant announcement, removing the Cayman Islands from its list of high-risk third countries for anti-money laundering (AML) and countering financing of terrorism (CFT) regulations. This decision comes after the Commission recognized significant progress in strengthening the Cayman Islands’ AML/CFT frameworks.

Amendment to Regulation 2016/1675

The removal is effective from February 7, 2023, following an amendment to Regulation 2016/1675 published on January 18, 2024. This update reflects the Commission’s assessment of the Cayman Islands’ AML/CFT regimes, which has been deemed satisfactory by the Financial Action Task Force (FATF).

Strategic Deficiencies Addressed

According to the European Commission, the Cayman Islands have addressed strategic deficiencies in their AML/CFT regimes as assessed by FATF. This development is based on recent information provided by FATF and other updates.

Revised List of High-Risk Third Countries

The revised list of high-risk third countries has been published in the Annex to the Regulation and can be accessed online. The Cayman Islands government has also issued a press release confirming its removal from the list, which can be viewed here.

Important Step Forward for the Cayman Islands

This move marks an important step forward for the Cayman Islands as it seeks to improve its reputation as a financial hub and enhance cooperation with international partners. The decision is seen as a major boost for the country’s efforts to combat money laundering and terrorist financing.

• Major Boost for Combating Money Laundering and Terrorist Financing: The removal from the high-risk list is a significant achievement for the Cayman Islands, demonstrating its commitment to strengthening its AML/CFT frameworks. • Improved Reputation as a Financial Hub: This decision will help improve the country’s reputation as a financial hub, attracting international investment and fostering cooperation with global partners. • Enhanced Cooperation with International Partners: The removal from the list signals a renewed focus on enhancing cooperation with international partners to combat money laundering and terrorist financing.