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A new era of AML/CFT compliance and global recognition for The Cayman Islands

Following the Cayman Islands' removal from the Financial Action Task Force (FATF) "greylist," the United Kingdom (UK) and the European Union (EU) have acknowledged this significant progress by removing the jurisdiction from their respective “high-risk third countries” lists for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
A new era of AML/CFT compliance and global recognition for The Cayman Islands

The UK’s Economic Secretary to the Treasury has commended the Cayman Islands for its substantial advancements in reforming its AML/CFT framework. This places the Cayman Islands in the prestigious echelon of territories that align with or exceed all 40 of the FATF’s recommendations.

Echoing this sentiment, the EU, through its delegated regulation, has recognized the Cayman Islands’ efforts in augmenting the effectiveness of its AML/CFT regime. This commendation follows the jurisdiction’s comprehensive response to the FATF’s action items.

What are the implications for the Cayman Islands?

Leadership in AML and CFT standards

The removal from these lists underscores the Cayman Islands’ progress in enhancing its AML/CFT protocols, solidifying its stature as a transparent and compliant financial hub. This development is poised to attract more investors and businesses seeking a reputable jurisdiction.

Enhanced access to global financial markets

The jurisdiction’s delisting from these greylists will facilitate smoother international financial transactions and access to global capital, benefiting businesses and financial institutions operating within the Cayman Islands.

Reaffirmed commitment to regulatory compliance

This development is a testament to the Cayman Islands’ steadfast adherence to international AML/CFT standards, reinforcing its dedication to combating financial crimes and ensuring a secure and robust financial sector.

Boost to the financial services industry

As a result of the recent removal, the Cayman Islands anticipates a surge in clients and investments and this milestone will bolster its position as a leading offshore financial hub.

Damon Wilson, Chief Compliance Officer, commented “The Cayman Islands’ extrication from these lists signifies a momentous stride forward for the jurisdiction, with promising implications for our economic landscape, regulatory framework, and global reputation. At FundBank, we embody a proactive and comprehensive compliance ethos, with a firm commitment to transparency, risk management, and continual enhancement of our operational standards.”

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