A working group under the Financial Action Task Force on Friday completed an on-site visit to the Cayman Islands, which Financial Services Minister André Ebanks called a ‘consequential step’ toward removing the jurisdiction from the FATF grey list.
The visit of the delegation from the Americas Joint Group, a sub-group of the FATF International Cooperation Review Group, “marked a significant milestone in the Cayman Islands’ ongoing efforts to demonstrate the effectiveness and sustainability of its anti-money laundering and countering the financing of terrorism (AML/CFT) framework”, the financial services ministry said in a press release issued Monday.
After a meeting in Paris in June, the FATF confirmed that Cayman would be eligible to be removed from the grey list following a final visit to Cayman to verify progress in completing the action plan set out by the task force.
During last week’s visit, the joint group met with Cayman Islands government officials, regulatory authorities, and private sector entities, with the delegation gaining “valuable insights into the country’s resolute AML/CFT framework, the rules that underpin it, and the practices deployed to operate it effectively”, according to the press release.
Ebanks noted the visit was a consequential step in the final stage of the process for Cayman Islands to be removed from the FATF grey list, the release stated.
“We appreciate the FATF authorising the visit and FATF Joint Group members travelling to the Cayman Islands to verify our progress and learn more about our country and its financial services system,” he said in the release.
“We applaud the collaborative efforts of our local stakeholders who took part in organising and participating in the visit, including representatives from the private sector. Their collective commitment and conduct were instrumental in having an efficient and compelling visit.”
In addition to Ebanks, local officials taking part in the visit included Governor Jane Owen, Premier Wayne Panton, Deputy Governor Franz Manderson, Police Commissioner Derek Byrne and Attorney General Samuel Bulgin, who discussed the government’s “high-level political commitment to maintain FATF standards”.
Bulgin said the visit was an important part of the Cayman Islands’ commitment to combatting financial crimes.
“The Cayman Islands remains dedicated to upholding the integrity of its financial services system and will continue to strengthen its AML/CFT framework to safeguard against illicAML activities,” he said.
“We appreciate the FATF delegation’s thorough review process. We will continue to engage with international partners to guarantee a healthy and safe global financial services system.”
The Joint Group will now prepare a report on the visit, which will be presented at the upcoming FATF Plenary next month, according to the release, at which point the Cayman Islands will receive confirmation as to whether it will be removed from the FATF’s grey list.
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