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CMC – The Cayman Islands will be removed from the European Union’s blacklist of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes on February 7.
According to government officials an amendment to the relevant EU regulation says that, based on Cayman’s removal from the Financial Action Task Force’s AML ‘grey list’ and other information, an assessment by the European Commission found that this jurisdiction had strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the FATF’s action plans.
The EU also noted Jordan’s improved regime. As a result, both the Cayman Islands and Jordan have been removed from the EU’s blacklist
“The Cayman Islands Government fully understands the significance of this achievement and what it means for our international reputation,” said Financial Services Minister André Ebanks.
“My government colleagues and I are profoundly thankful for the dedication of the many civil servants, regulators and industry members who walked the talk, earning our regime this recognition as a sound place for business. And we reaffirm our commitment with each milestone we achieve.”
Cayman was on the list for several years, largely as a result of deficiencies in the prosecution and punishment of financial crimes here that saw the jurisdiction fall foul of the FATF’s criteria and then subsequently blacklisted by the EU.
Ebanks added that talks between the EU and Cayman on a range of financial service-related matters, including the delisting, had been “incredibly useful in deepening our mutual understanding”.
“I particularly note the positive, open approach that increasingly characterises our relationship. Being removed from the EU’s AML list paves the way for further dialogue on the policy goals we pursue,” the Minister said.
