Cayman’s AML/CFT efforts boost technical compliance rating
The Cayman Islands are now rated compliant or largely compliant with all forty of the FATF Recommendations.
The Cayman Islands are therefore under monitoring with regards to only three out of the 63 areas for improvement recommended by the 2019 mutual evaluation report, one of which has been addressed.
This work has also seen the Cayman Islands added to two important international instruments on corruption and the financing of terrorism - the United Nations Convention against Corruption and the International Convention for the Suppression of the Financing of Terrorism.
The Attorney General (and Chairman of the Anti-Money Laundering Steering Group) Hon. Samuel Bulgin Q.C. stated: “We are very pleased to be rated compliant or largely compliant with all forty of the FATF Recommendations. While we still remain under monitoring with regards to three out of the 63 areas for improvement recommended by the 2019 report (one has thus far been satisfactorily addressed, although work is ongoing), these have to do with effectiveness and are assessed separately”.
The government press release can be found here.