Cayman Presents To FATF On Final AML Recommended Action

• Law Firm: Cayman Islands Government
• Subject Matter: Finance and Banking, Government, Public Sector, Financial Services, Money Laundering
• Published date: 16 January 2023

Grand Cayman, 13 January 2023 - Led by the Attorney General, the Hon. Samuel Bulgin, KC; and the Minister of Financial Services and Commerce, the Hon. André Ebanks, a Cayman Islands delegation has updated a Financial Action Task Force (FATF) review group on our money-laundering investigations and prosecutions, to demonstrate the Cayman Islands' capability and capacity for fighting financial crimes.

Attorney General, the Hon. Samuel Bulgin, KC (fourth left); and the Minister of Financial Services and Commerce, the Hon. André Ebanks (sixth left) led a Cayman Islands Government delegation's update to a Financial Action Task Force review group on Thursday, 12 January in Miami, regarding how the Cayman Islands has improved its effectiveness in fighting financial crimes.

Given during a 12 January 2023 meeting in Miami with the Americas Joint Group (Joint Group), a sub-working group of the FATF's International Co-operation Review Group (ICRG), the update addressed the FATF's final recommended action for the Cayman Islands.

The meeting was part of the process for being removed from the list of jurisdictions monitored by the FATF for anti-money laundering and countering the financing of terrorism (AML) deficiencies. The FATF sets the global AML regulatory standard.

In March 2019 the Caribbean Financial Action Task Force, which supports the FATF's work in the region, recommended 63 actions for the Cayman Islands to...