Grand Cayman, 27 October 2023 – The
Cayman Islands – after two years of sustained hard work and
engagement, both locally and internationally – is embracing
today’s Financial Action Task Force’s (FATF) decision to
remove us from its anti-money laundering “grey list,” as
FATF has determined that our AML regime now meets the global
standard.

Minister of Financial Services and Commerce, the Hon.
André Ebanks, said he’s barely able to contain his joy
over what the public and private sectors, working together, have
achieved since the FATF grey listing in 2021. That was when the
Cayman Islands was given three action points to satisfy, in order
to be deemed FATF compliant.

“Team Cayman faced this challenge with faith, competence
and dedication,” he said. “We had a shared determination
to step out from under this shadow as soon as possible and today,
we have done exactly that.”

FATF announced the decision to delist the Cayman Islands
following its 25-27 October plenary in Paris, which Minister Ebanks
and the Attorney General, the Hon. Samuel Bulgin, KC, attended. Mr
Bulgin chairs the Anti-Money Laundering Steering Group, which
oversees AML for the Cayman Islands.

“The importance of this achievement simply cannot not be
understated,” Mr Bulgin said. “FATF’s decision
confirms that our AML regime effectively deters, detects, arrests
and prosecutes financial crimes in the Cayman Islands, and that it
also supports other countries’ efforts.”

Expanding on Mr Bulgin’s point, Minister Ebanks explained
how AML effectiveness benefits everyone, locally and globally.

“Compliance with the FATF standard helps protect all of us
as we conduct everyday business, whether that’s banking,
purchasing local goods, or donating to charities,” he
said.

FATF’s decision to delist the Cayman Islands completes our
participation in FATF’s 4th-round mutual evaluation process.
FATF will commence its 5th round process in 2025, with our evaluation
expected to begin in 2026.

In preparation, Mr Bulgin said that we are monitoring and
anticipating changes to the FATF standard, to ensure that our
policies and legislation align; and monitoring changes to the FATF
evaluation methodology, to assess how best to demonstrate the
Cayman Islands’ effectiveness in implementing the standard.

Both the Attorney General and Minister Ebanks agreed that
lessons learned during FATF’s 4th round are guiding
preparations for the 5th round.

“Yes, the FATF process is onerous, but what we initially
saw as a challenge eventually came to be seen as an opportunity to
prove ourselves,” he said. “Now, we have a stronger grasp
on how to assess and incorporate international standards into our
regime, and our inter-governmental approach locally has vastly
improved our effectiveness in fighting financial crime, including
internationally.

“So today’s outcome confirms our reputation as a
well-regulated jurisdiction in AML matters,” Minister Ebanks
said. “We have demonstrated that we are a global partner in
financial services. And with this tremendous achievement, the
Cayman Islands is on the move, looking to bolster our commercial
offerings for sound business, and our corresponding compliance
regime.”

Welcoming the news, the Premier, the Hon. Wayne Panton, said:
“This is the culmination of the tireless efforts, advocacy and
diplomacy from the Attorney General, Minister Ebanks, and countless
public servants across various ministries, portfolios, law
enforcement and regulatory bodies. Our financial services industry
also gave their full cooperation, walking every step of this
journey with us; and our public has been very supportive of our
progress in meeting the FATF standard. We all are proud of this
tremendous achievement, and its reinforcement of the sound
reputation of the Cayman Islands.”

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