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Industry Updates
Positive Development for the Cayman Islands: EU AML Delisting Process Commences
19 Dec 2023
On 12 December 2023, the European Commission published Commission Delegated Regulation (EU) (the "Delegated Regulation") amending Delegated Regulation (EU) 2016/1675 to update its list of 'high-risk third countries' ("EU AML List") identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing ("AML/CFT") regimes.
The Delegated Regulation provides for the removal of the Cayman Islands from the EU AML List. The Commission consulted the EU's Expert Group on Money Laundering and Terrorist Financing before adopting the Delegated Regulation. It will now be examined by the Council of the EU and the Parliament. If neither objects, it will be published in the Official Journal of the EU and will enter into force 20 days after publication.
This development marks the first formal step in the process to remove the Cayman Islands from the EU AML List and affirms that the Cayman Islands has robust and effective AML/CFT regimes in place, reflecting the jurisdiction's commitment to maintaining a compliant financial sector that aligns with global standards.
Additionally, as of 5 December, the UK Government has officially removed the Cayman
Islands from its list of high-risk third countries for AML/CFT/CPF purposes.
These developments follow the Financial Action Task Force ("FATF") removing the Cayman Islands from its increased 'monitoring list' (often referred to as the FATF Grey List) on 27 October 2023.
On 15 December 2023, the Ministry of Financial Services & Commerce of the Cayman Islands Government issued an Industry Advisory welcoming the UK and EU's recognition of the jurisdiction's adherence to international AML/CFT standards.
The Delegated Regulation provides for the removal of the Cayman Islands from the EU AML List. The Commission consulted the EU's Expert Group on Money Laundering and Terrorist Financing before adopting the Delegated Regulation. It will now be examined by the Council of the EU and the Parliament. If neither objects, it will be published in the Official Journal of the EU and will enter into force 20 days after publication.
This development marks the first formal step in the process to remove the Cayman Islands from the EU AML List and affirms that the Cayman Islands has robust and effective AML/CFT regimes in place, reflecting the jurisdiction's commitment to maintaining a compliant financial sector that aligns with global standards.
Additionally, as of 5 December, the UK Government has officially removed the Cayman
Islands from its list of high-risk third countries for AML/CFT/CPF purposes.
These developments follow the Financial Action Task Force ("FATF") removing the Cayman Islands from its increased 'monitoring list' (often referred to as the FATF Grey List) on 27 October 2023.
On 15 December 2023, the Ministry of Financial Services & Commerce of the Cayman Islands Government issued an Industry Advisory welcoming the UK and EU's recognition of the jurisdiction's adherence to international AML/CFT standards.
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Regulatory & Financial Services Advisory
Our global team of regulatory lawyers provides expert legal advice to BVI, Cayman Islands, Irish, Jersey and Luxembourg entities regarding AML and CTF compliance including development and assessment of AML / CTF and risk management systems, KYC and customer due diligence best practices, conduct of money laundering and fraud proceedings and provision of expert evidence on AML / CTF and regulatory obligations.
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