Grand Cayman, 17 October 2022 – The Cayman Islands' status, as a jurisdiction under increased monitoring by the Financial Action Task Force (FATF) in relation to our anti-money laundering and countering the financing of terrorism (AML/CFT) regime, will be updated on Friday, 21 October, following the conclusion of the FATF Plenary in Paris.
Minister of Financial Services and Commerce, the Hon. André Ebanks; and the Director of the Anti-Money Laundering Unit, Francis Arana, are attending the plenary. Before the update is announced, they will take the opportunity to address and engage with the plenary's delegates, in support of the Cayman Islands' progress and improved abilities in fighting financial crime.
According to an FATF release, the 20-21 October plenary will be attended by 206 delegates in the FATF global network and observer organisations, including the International Monetary Fund, the United Nations, the World Bank, INTERPOL and the Egmont Group of Financial Intelligence Units.
In March 2019 the Caribbean Financial Action Task Force (CFATF), which supports the FATF's work in the Caribbean region, reported that the Cayman Islands had completed 60 of 63 actions that it recommended in regards to improving our AML/CFT regime. In February 2021, the FATF listed the Cayman Islands to complete the remaining three recommended actions.
One recommended action, regarding effective sanctions by CIMA, was satisfied in June 2021. Minister Ebanks and Mr Arana will address the remaining two recommended actions - on beneficial ownership, and money laundering investigations and prosecutions.
In September, Minister Ebanks led the Cayman Islands delegation that updated a FATF review group in Nicaragua on the two recommended actions, as part of the FATF process leading to the plenary in Paris.
The FATF release states that FATF President T. Raja Kumar of Singapore will announce the update on Friday at 11am CEST (4am Cayman Islands time). The Cayman Islands Government will issue a statement thereafter.
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