Cayman Islands has joined Panama in exiting the Financial Action Task Force (FATF) grey list at the conclusion of its October 2023 plenary today in Paris.
In early reaction Cayman Finance issued this statement by CEO Steve Mcintosh.
"Cayman Finance welcomes the FATF's recognition of the Cayman Islands' anti-money laundering regime as compliant and effective."
"Our proven regulatory and legal framework is one of the key reasons why asset managers, investors and other clients have full confidence in doing business the Cayman Islands."
"The FATF process recognises that the Cayman Islands not only has one of the highest levels of technical compliance with global anti-money laundering standards, but also that they are effectively applied in practice."
"Standard setters such as the FATF and the European Union have meticulously reviewed Cayman's regulatory capacity and practices and confirmed they meet global standards for transparency, anti-money laundering, and tax good governance at least on par with, if not better, than most major economies."
"To maintain this status, a lot of work has gone into further strengthening Cayman's financial services legislation and the implementation of new regulations."
"Cayman's consistent adherence to global standards is a testament to the strong collaborative relationship between the Cayman Islands government and the financial services industry."
"On behalf of the board and members of Cayman Finance, we congratulate the entire government delegation and all those in the many departments and agencies that contributed to bringing this FATF review to a successful conclusion."
The FATF statement of the latest juridictions (as at 27 October) under the grey list, black list or removed from the lists can be found here.
