Excerpt from thefintechtimes.com
The European Union’s (EU) decision to remove the Cayman Islands from its list of high-risk third countries dealing with anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies has sparked praise for its potential to significantly broaden investor choices and fuel innovation.
The Cayman Islands will be removed from the EU’s black list on 7 February after it ‘strengthened the effectiveness’ of its AML/CFT regimes and ‘addressed technical deficiencies’, the EU has said.
It follows the assessment by the Financial Action Task Force (FATF) in October 2023 that concluded the Cayman Islands complies with global AML standards.
Cayman Finance, representing the Cayman Islands’ financial services industry, has applauded the EU’s recognition. CEO Steve McIntosh commented: “The Cayman Islands Government and financial services industry share a solid commitment to ensuring that our jurisdiction meets global standards while protecting the rights of investors, asset managers, and other clients.
“The EU’s acknowledgement of the strength of the Cayman Islands’ AML regime is just the most recent example of how we collaborate to translate that commitment into an effective legal and regulatory framework.”
