🌴 Cayman Islands to be removed from EU's blacklist next month

The Cayman Islands is set to be removed from the European Union's blacklist of jurisdictions with deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes on February 7. This decision comes after an amendment to the relevant EU regulation and an assessment by the European Commission. The assessment found that the Cayman Islands had strengthened the effectiveness of its AML/CFT regime and addressed technical deficiencies to meet the Financial Action Task Force's action plans. 📜

The EU also acknowledged the improved regime in Jordan, and both countries will be removed from the EU's blacklist. The Financial Services Minister of the Cayman Islands, André Ebanks, expressed gratitude for the achievement and its significance for the country's international reputation. He also highlighted the positive, open approach that characterises the relationship between the EU and the Cayman Islands. 🌍

The Cayman Islands had been on the list for several years due to deficiencies in the prosecution and punishment of financial crimes. The removal from the EU's AML list paves the way for further dialogue on the policy goals the Cayman Islands pursue. Ebanks noted that talks between the EU and Cayman on a range of financial service-related matters, including the delisting, had been incredibly useful in deepening their mutual understanding. 🤝