Following the statement from the FATF after its recent plenary meeting in Paris, Cayman Finance CEO Steve McIntosh has issued the following statement:
"The FATF acknowledged today that the Cayman Islands continues to strengthen its anti-money laundering regime by 'imposing adequate and effective sanctions for parties who fail to file accurate, adequate and up-to-date beneficial ownership information', thus satisfying the recommended action with respect to Immediate Outcome 5 (IO5).
"This represents significant progress towards the jurisdiction's removal from the FATF "grey list" and demonstrates our industry's commitment to meeting the highest global standards for transparency, information sharing and the combatting of international financial crime.
"The Cayman Islands was one of the first countries in the world to implement a verified register of beneficial owners, a result of the collaborative relationship between our financial services industry and Government.
"On behalf of the entire financial services industry, Cayman Finance wishes to recognise the hard work of the Ministry of Financial Services in implementing the register of beneficial owners and supporting legislation that led directly to today's positive outcome, as well as the exemplary leadership of the Minister of Financial Services, the Honourable Andre Ebanks, MP.
"Cayman Finance remains optimistic that the ongoing efforts by our authorities to investigate and prosecute money laundering offences in the jurisdiction will lead to our removal from the grey list in due course."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
