FATF listing and the Cayman Islands
09 Mar 2021
At its plenary session on 25 February 2021, the Financial Action Task Force (FATF) included the Cayman Islands as a jurisdiction being monitored for the active resolution of identified deficiencies in its regimes for the countering of anti-money laundering, terrorist financing and proliferation financing. While no significant issues were identified with the Cayman Islands compliance regimes, the Cayman Islands were given three action items aimed at demonstrating the effectiveness of its compliance regimes and therefore included on the list of jurisdictions being monitored.
The Cayman Islands has taken definitive action in recent years to update its compliance regimes to surpass changing global standards and the FATF welcomed the positive progress made by the Cayman Islands to satisfy 60 of the 63 recommended actions prescribed by the Caribbean Financial Action Task Force (CFATF). Additionally, the CFATF recently rated the Cayman Islands as compliant or largely compliant on 39 of 40 points of technical compliance with the implementation of specific FATF recommendations.
A detailed alert has been published on Harneys website and can be found here.