(CNS): The Financial Action Task Force plenary session wrapped up in Paris on Friday, but the Cayman Islands is still on the FATF “grey” list, meaning that this jurisdiction’s measures to combat money laundering and terrorist financing (AML/CFT) remain under increased monitoring. Although Cayman has “substantially completed its action plan”, it will not be removed from the list before a successful onsite assessment by FATF officials in late summer to verify the implementation and sustainability of the reforms.
Cayman is now very close to being delisted but is not completely out of the woods. Despite the local optimism, the FATF has implied that the visit is an important step in the removal process to ensure the commitment made to reform is a reality in practice.
A press release from the Ministry of Financial Services said that having “fully satisfied the action plan” set out by FATF, the Cayman Islands is eligible to be removed from the list of…
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