Cayman Islands Satisfies All FATF Recommendations
The FATF made the announcement after conducting a thorough assessment of the measures implemented by the Cayman Islands to fully comply with the FATF’s 63 RAs.
The decision by the FATF is a positive acknowledgment of the Cayman Islands’ commitment to adhering to international standards.
After a successful on-site inspection by the FATF, the Cayman Islands will become eligible for removal from The FATF greylist, which is officially known as the “Jurisdictions under Increased Monitoring” list. This list identifies countries that have deficiencies in their AML/CTF (Anti-Money Laundering/ Combating the Financing of Terrorism) systems, but which have committed to working with the FATF to address these deficiencies. The removal from this list is anticipated to occur at the FATF’s October 2023 plenary session.
Consequently, it is expected that the jurisdiction’s removal from the EU’s AML/CFT List will follow in due course. The Ministry of Financial Services & Commerce of the Cayman Islands is actively engaging in direct discussions with EU officials to advance the necessary enhancements to the regulatory framework, facilitating the removal from the EU’s AML/CFT List.
About the Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) leads global action to tackle money laundering, terrorist and proliferation financing.
About Centaur Fund Services
Centaur Fund Services, a Waystone Group company, is a leading fund administrator with offices in the United States, Bermuda, Canada, Cayman, Ireland, London, Luxembourg and the Philippines. Centaur delivers independent fund administration, fiduciary and regulatory services globally to the alternative investment fund industry, focusing on hedge funds, private equity, credit and real estate funds, family offices and ILS funds.
Waystone is the leading provider of institutional governance, risk and compliance services to the asset management industry. Partnering with institutional investors, investment funds and asset managers Waystone builds, supports and protects investment structures and strategies worldwide. With over 20 years’ experience and a comprehensive range of specialist services to its name, Waystone is now supporting asset managers with more than US$2Tn in AUM.