Reported by: Cayman News

The Cayman Islands remains on the Financial Action Task Force grey list while Nicaragua and Pakistan were removed following this week’s meeting in Paris to review the political commitment made by countries to meet the requirements needed to combat global financial crime. In a statement issued Friday, the FATF said that Cayman, which has just one issue to address to be delisted, still had work to do.

In a press release from his financial services ministry, André Ebanks, who was in Paris this week for the meeting, said that Cayman had satisfied 62 of 63 recommended actions in relation to improving its anti-money laundering and countering the financing of terrorism (AML/CFT) regime.

He said it was becoming clearer globally that the Cayman Islands has a legacy image challenge rather than issues of standards and effectiveness.

While the FATF did find during this plenary that the islands have imposed adequate and effective sanctions in cases where relevant parties do not file accurate, adequate and up-to-date beneficial ownership information, the last issue around the prosecution of money laundering remains and the task force has given the jurisdiction until February next year to deal with that problem. 

In the meantime, Cayman remains on the FATF watchlist and also on the European list as the two are linked.

Read full report: https://caymannewsservice.com/2022/10/cayman-still-on-fatf-grey-list-over-aml-issues/