Reported by Alric Lindsay

On October 27, 2023, following meetings of the Financial Action Task Force (FATF), the FATF Plenary announced that the Cayman Islands have now been removed from the list of jurisdictions under increased monitoring, otherwise known as the “grey list.”

The FATF said it “congratulated” the Cayman Islands and other countries for “their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations.”

Also on October 27, 2023, FATF also announced Panama’s removal from the FATF’s “grey list.”

The decision followed the FATF Plenary’s initial determination in June 2023 that “Panama has substantially completed its action plan and warrants an on-site assessment to verify that the implementation of AML/CFT reforms has begun and is being sustained, and that the necessary political commitment remains in place to sustain implementation in the future.”

Read original reports from: https://cayman.loopnews.com/content/fatf-removes-cayman-islands-grey-list-oct-27-2023 and https://cayman.loopnews.com/content/panama-removed-fatf-grey-list