At a session of the Finance Committee on December 14, 2023, MP André Ebanks, the Minister for Financial Services and Commerce, confirmed that following Cayman’s removal from the Financial Action Task Force (FATF), Cayman is in the process of being removed from other lists where it was placed as a consequence of being on the FATF grey list.

Responding to a budget question on “FSC 37 International Engagement for Financial Services,” Minister Ebanks explained:

As of today, the next list that we were seeking removal from was the EU’s AML Blacklist.

They have commenced the process for our removal from the EU’s AML Blacklist.

He added that “it is a delegated act of their parliament”, and if there are no objections after 21 days, it is expected that the decision will stand.”

He clarified that this is the same process used to place countries on the EU’s AML Blacklist.

Concerning Cayman’s listing in the United Kingdom, Minister Ebanks said:

The next list was for our own UK’s High Risk List, which again was an automatic consequence of the Grey List.

We’re happy to report today that the UK… we have been removed from UK’s High Risk List.

The Minister credited Her Excellency the Governor as he understood that she “raised the flag” with the UK Government, resulting in Cayman’s removal.

Lastly, the Minister noted there was a smaller list in the United States that Cayman is on that the Ministry will work on.  However, what was mentioned in Parliament were “the major ones that really slow down transactions.”