🌴 Cayman Islands removed from all international blacklists

The Cayman Islands has been officially removed from all international blacklists that questioned its role in the global financial system. This is the first time in several years that the jurisdiction finds itself free from such lists. The removal follows the Cayman Islands' exit from the Financial Action Task Force's (FATF) list of countries required to improve their anti-financial crime regimes. The FATF had previously flagged the Cayman Islands due to weaknesses in its prosecution and sanctions regime surrounding financial crime. 🏛️

The Cayman Islands' removal from the FATF's list in November last year was a result of over two years of diplomatic efforts, changes to local laws, and the prosecution of individuals involved in a scandal related to the regional football association, CONCACAF. This triggered the delisting process for the European Union's list of high-risk countries with anti-money laundering, counter-terrorism financing, and counter-proliferation financing deficiencies. The EU has now set in motion the necessary legislative changes to remove the Cayman Islands from their list as well. 🌍

With its newfound freedom from any controversial lists, the Cayman Islands' offshore industry is expected to see a boost due to its sustained anti-money laundering reforms. This achievement marks a significant milestone for the jurisdiction, demonstrating its commitment to adhering to international financial standards. 💼