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Cayman Removed from EU AML List

The Cayman Islands will be removed from the EU's list of jurisdictions with deficiencies in their AML/CFT (anti-money laundering and countering the financing of terrorism) regimes, effective 7 February 2024.

As per the EU’s Delegated Act, the delisting follows an evaluation conducted by the European Commission. The assessment took into account various factors, including the Cayman Islands' removal from the Financial Action Task Force's (FATF’s) AML list and acknowledged the enhanced effectiveness of the Cayman Islands' AML/CFT regime. It also addressed the technical deficiencies in meeting the FATF’s Action Plans.

The Deputy Premier and Minister for Financial Services, André Ebanks, underscored the significance of this accomplishment for the international standing of the Cayman Islands and expressed gratitude toward the civil servants, regulators, industry stakeholders, and EU officials for their collaborative efforts.

The delisting opens avenues for further dialogue between the EU and the Cayman Islands on financial services-related matters and policy goals.

For further details, please refer to the MFS press release or reach out to one of Stuarts' experts below.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.

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