EU confirms no additional AML-CFT measures for the Cayman Islands

      In a letter dated 17 May to the Cayman Islands Minister of Financial Services and Commerce, the Hon. André Ebanks, from the European Commission's Directorate-General for Financial Services and Capital Markets Union (DG FISMA), it was confirmed that the EU does not require further measures, beyond those included in the Financial Action Task Force (FATF) action plan, for removing the Cayman Islands from the EU's AML/CFT (anti-money laundering and countering the financing of terrorism) list. 

      DG FISMA has invited the Cayman Islands to focus on implementing the FATF’s action plan, and noted that it would monitor its progress via the FATF’s International Cooperation Review Group, of which the EU is a member.

      The initial FATF action plan comprised three points. The Cayman Islands has satisfied one point, regarding the Cayman Islands Monetary Authority’s sanctions regime. The Cayman Islands will provide an update on its progress on the second and third FATF action points, in relation to beneficial ownership filings and sanctions and money laundering prosecutions during the FATF’s October 2022 plenary.

      When the FATF removes the Cayman Islands from its list of jurisdictions under increased monitoring (the FATF list), the EU will then initiate its steps to delist the Cayman Islands.

      In the 17 May letter, it was highlighted that the EU places great importance on the AML/CFT fight in cooperation with its international partners, DG FISMA and it noted that, in line with FATF international standards, the EU has considerably strengthened its framework in recent years.  The EU’s own AML/CFT list fulfils a legal requirement under the EU’s Anti-Money Laundering Directive (AMLD) to identify high-risk third countries with strategic deficiencies in their regimes with the objective to protect the EU’s internal market, through the application of enhanced due diligence measures.

      The Cayman Islands continues to make steady progress with the FATF action plan and its Government encourages the industry to continue enhancing the quality and consistency of the Beneficial Ownership information it provides, in order to facilitate the removal of the Cayman Islands’ from both the FATF and EU AML/CFT lists.

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