The Economic Secretary to the Treasury, Bim Afolami, highlighted the importance of aligning the UK's high-risk third countries list with the Financial Action Task Force (FATF) decisions. Mr. Afolami said “the Cayman Islands are a very good example of the progress that can be made by engaging with the FATF. The Cayman Islands was listed in February 2021; since then, it has made significant progress to reform its regime and strengthen its anti-money laundering defences and competent authorities. It is now one of a very small number of countries around the world to be compliant or largely compliant with all 40 of the task force’s recommendations. I am delighted that it is being removed from the UK’s high-risk countries list, as a result of that progress.”

More detailed information to the above can be found here.

Our recent blog post on this matter can be accessed here.