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HomeBusinessCayman Islands removed from AML high-risk list

Cayman Islands removed from AML high-risk list

By Matthew Yates

GRAND CAYMAN, Cayman Islands – The Cayman Islands Government has received positive updates in regards to the international standing of our anti-money laundering, countering the financing of terrorism and counter-proliferation financing (AML/CFT/CPF) regime.

The government has been informed that the EU Commission has published a delegated regulation this week regarding the removal of the Cayman Islands from its AML list. This document marks the first official step toward Cayman’s delisting from the EU AML list.

It should be noted that the regulation is not yet in force and government expects, as per previous EU protocol, that there will be further movement on this matter next month.

“We’re pleased to see the EU take this step with regards to the Cayman Islands and their AML listing which accords with our correspondence with the EU on this matter. It is, therefore, a credit to our sustained AML reforms and proactive engagement with EU officials and decision-makers that we are advancing towards delisting early next year,” deputy premier and minister for financial services and commerce, André Ebanks said.

Additionally, as of 5 December, the UK Government has officially removed the Cayman Islands from its list of high-risk third countries for AML/CFT/CPF purposes. His Majesty’s Treasury published regulations earlier this month, following the removal of the Cayman Islands from the Financial Action Task Force AML list in October 2023.

“As a result of our FATF delisting, we expected the Cayman Islands to be removed from the UK high-risk list (in addition to reduced ratings in other countries). I’m therefore grateful that following discussions with Her Excellency, Governor Jane Owen and other relevant UK Government officials, Cayman has been removed,” the deputy premier said.

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