7 October 2020Cayman analysis

EU removes Cayman from its blacklist

The Cayman Islands has been removed from the European Union’s blacklist and is now deemed a cooperative jurisdiction.

The move recognises efforts the Cayman government has made, along with the wider financial services industry, to resolve all outstanding issues of concern to the EU.

Cayman was added to the EU blacklist in February 2020, it says as a result of a technical timing issue. The Cayman government, led by the Ministry of Financial Services, has worked hard to ensure it meets all necessary regulatory standards, addressing the concerns the EU laid out in the EU council conclusions in March 2019.

Colin Robinson, chair of Cayman International Insurance and the Insurance Managers Association of Cayman, welcomed the EU’s decision, which he said was “testament to Cayman’s continued commitment as a leading jurisdiction to adhere to international compliance standards and ongoing cooperation with international tax authorities.”