(CMR) The Cayman Islands has been removed from the Financial Action Task Force's (FATF) grey list or the list of jurisdictions under increased monitoring.
Minister of Financial Services and Commerce, the Hon. André Ebanks, said he’s barely able to contain his joy over what the public and private sectors, working together, have achieved since the FATF grey listing in 2021.
“Team Cayman faced this challenge with faith, competence, and dedication. We had a shared determination to step out from under this shadow as soon as possible and today, we have done exactly that,” he said.
FATF announced the decision to delist the Cayman Islands following its 25-27 October plenary in Paris, which Minister Ebanks and the Attorney General, the Hon. Samuel Bulgin, KC, attended. Bulgin chairs the Anti-Money Laundering Steering Group, which oversees AML for the Cayman Islands.
“The importance of this achievement simply can not be understated. FATF’s decision confirms that our AML regime effectively deters, detects, arrests and prosecutes financial crimes in the Cayman Islands and that it also supports other countries’ efforts,” Mr. Bulgin said.
A delegation from the Americas Joint Group (Joint Group), a sub-working group of the Financial Action Task Force's (FATF) International Co-Operation Review Group (ICRG), carried out an onsite visit to the Cayman Islands last month.
The onsite visit marked a significant milestone in the Cayman Islands’ ongoing efforts to demonstrate the effectiveness and sustainability of its anti-money laundering and countering the financing of terrorism (AML/CFT) framework in combatting financial crimes.
The Joint Group completed a comprehensive review of the final three recommended actions of the FATF’s action plan for Cayman. Engaging in discussions with the Cayman Islands Government officials, regulatory authorities, and private sector entities, the delegation gained valuable insights into the country’s resolute AML/CFT framework, the rules that underpin it, and the practices deployed to operate it effectively.
Importantly, during the visit, FATF Joint Group members met with Her Excellency the Governor, Jane Owen; Premier, the Hon. Wayne Panton; Deputy Governor, the Hon. Franz Manderson; then Commissioner of Police for the Royal Cayman Islands Police Service, Mr Derek Byrne; the Attorney General, the Hon. Samuel Bulgin, KC; and Minister for Financial Services and Commerce, the Hon. André Ebanks to discuss the Government’s continuing high-level political commitment to maintain FATF standards.
Bulgin noted the visit was an important part of the Cayman Islands’ unwavering commitment to combatting financial crimes.
“The Cayman Islands remains dedicated to upholding the integrity of its financial services system and will continue to strengthen its AML/CFT framework to safeguard against illicit activities. We appreciate the FATF delegation’s thorough review process. We will continue to engage with international partners to guarantee a healthy and safe global financial services system,” Bulgin said.
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