Cayman Islands finally removed From FATF ‘Grey List’

Cayman Islands finally removed From FATF ‘Grey List’

Good news on for Cayman’s Financial sector as Cayman is officially removed from the FATF’s anti-money laundering ‘Grey List.’ FATF has determined that our AML regime now meets the global standard, according to a government press release:

“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. That was when the Cayman Islands was given three action points to satisfy, to be deemed FATF compliant.

“Team Cayman faced this challenge with faith, competence, and dedication,” he said. “We had a shared determination to step out from under this shadow as soon as possible and today, we have done exactly that.”

FATF announced the decision to delist the Cayman Islands following its 25-27 October plenary in Paris, which Minister Ebanks and the Attorney General, 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 cannot be understated,” Bulgin said. “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.”

“Expanding on Bulgin’s point, Minister Ebanks explained how AML effectiveness benefits everyone, locally and globally. “Compliance with the FATF standard helps protect all of us as we conduct everyday business, whether that’s banking, purchasing local goods, or donating to charities,” he said.

FATF’s decision to delist the Cayman Islands completes our participation in FATF’s 4th-round mutual evaluation process. FATF will commence its 5th round process in 2025, with our evaluation expected to begin in 2026.”

Welcoming the news, the Premier, the Hon. Wayne Panton, said: “This is the culmination of the tireless efforts, advocacy, and diplomacy from the Attorney General, Minister Ebanks, and countless public servants across various ministries, portfolios, law enforcement, and regulatory bodies. Our financial services industry also gave their full cooperation, walking every step of this journey with us; and our public has been very supportive of our progress in meeting the FATF standard. We all are proud of this tremendous achievement, and its reinforcement of the sound reputation of the Cayman Islands.”

For more information, please contact [email protected]