15 May 2023Analysis

Cayman Islands delegation to brief FATF on financial reforms

A Cayman Islands Government delegation to Mexico to update the Financial Action Task Force (FATF) review group on the progress being made with Cayman's money laundering investigations and prosecutions.

Attorney General, the Hon. Samuel Bulgin, KC and Minister for Financial Services and Commerce, the Hon. André Ebanks, are leading the group.

The discussions are part of the process for being removed from the list of jurisdictions monitored by the FATF for anti-money laundering and countering the financing of terrorism (AML) deficiencies. The FATF sets the global AML regulatory standard.

Through the ICRG, the Joint Group will report its findings from the review process to the FATF, for decision during the FATF Plenary in June. At the end of the plenary, the FATF will make a public statement on the status of jurisdictions on its monitoring list – whether the jurisdiction is to remain, or to be removed. If the jurisdiction is to be removed, it normally happens at the following plenary, which in this case will be October 2023.