Update on Cayman Islands' AML progress presented to FATF in Mexico
On 5 May 2023, the Cayman Islands' Ministry of Financial Services issued a press release stating that a delegation led by the Attorney General, the Hon. Samuel Bulgin, KC and the Minister for Financial Services and Commerce, the Hon. André Ebanks, recently visited Mexico to provide updates to the Financial Action Task Force (FATF) on their efforts to improve anti-money laundering and countering the financing of terrorism (AML) policies and procedures. The delegation also discussed the FATF’s final recommended action for the Cayman Islands.
The discussions are part of the process of being removed from the grey list of jurisdictions monitored by the FATF for AML deficiencies. The outcome of these talks will be reported back to the FATF during its plenary session in June which will determine whether the Cayman Islands will be removed from the list.
Should the Cayman Islands be removed from the list, the removal is expected to occur at the following plenary in October 2023.
The FATF's final recommended action for the Cayman Islands can be found here.
The official press release can be found here.