GEORGE TOWN, Cayman Islands, CMC – The Cayman Islands has been removed from the Financial Action Task Force(FATF) anti-money laundering grey list after more than two years of trying to do so.
The British overseas territory was listed in February 2021 due to a failure to prosecute or sanction those involved in financial crime successfully.
The FATF announced the decision to delist Cayman following the October plenary in Paris held this week.
“Team Cayman faced this challenge with faith, competence, and dedication,” said Financial Services Minister André Ebanks, who was in Paris for the session.
“We had a shared determination to step out from under this shadow as soon as possible, and today, we have done exactly that… Compliance with the FATF standard helps protect all of us as we conduct everyday business, whether banking, purchasing local goods, or donating to charities.”
This completes Cayman’s participation in FATF’s 4th-round Mutual Evaluation process.
The 5th Round process starts in 2025, with Cayman expecting its evaluation in 2026.
Attorney General Samuel Bulgin said officials are monitoring and anticipating changes to the FATF standard and evaluation methodology to ensure local policies and legislation align.
They are also “monitoring changes to the FATF evaluation methodology to assess how best to demonstrate the Cayman Islands’ effectiveness in implementing the standard.”
Bulgin and the minister said lessons learned during FATF’s 4th Round guide preparations for the next Round. Meanwhile, Premier Wayne Panton, who was here when the delisting was confirmed, said it was a “culmination of the tireless efforts, advocacy, and diplomacy” by the countless public servants involved, the minister and the attorney general.
“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,” he said, adding that it was a reinforcement of the sound reputation of the Cayman Islands.
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