The Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, has confirmed that the Cayman Islands is making progress towards its removal from the FATF’s grey list.
The grey list is made up of monitored jurisdictions that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.
“The FATF acknowledged today that the Cayman Islands continues to strengthen its anti-money laundering regime by ‘imposing adequate and effective sanctions for parties who fail to file accurate, adequate and up-to-date beneficial ownership information’, thus satisfying the recommended action with respect to Immediate Outcome 5 (IO5),” said Cayman Finance chief executive Steve McIntosh in response to the FATF statement that followed its recent plenary meeting in Paris.
“This represents significant progress towards the jurisdiction’s removal from the FATF “grey list” and demonstrates our industry’s commitment to meeting the highest global standards for transparency, information sharing and the combatting of international financial crime.
“The Cayman Islands was one of the first countries in the world to implement a verified register of beneficial owners, a result of the collaborative relationship between our financial services industry and Government.
“On behalf of the entire financial services industry, Cayman Finance wishes to recognise the hard work of the Ministry of Financial Services in implementing the register of beneficial owners and supporting legislation that led directly to today’s positive outcome, as well as the exemplary leadership of the Minister of Financial Services, the Honourable Andre Ebanks, MP.
“Cayman Finance remains optimistic that the ongoing efforts by our authorities to investigate and prosecute money laundering offences in the jurisdiction will lead to our removal from the grey list in due course.”
FATF, Cayman, grey, list, progress, money, laundering, financial, financing