Elisabeth was pleased to provide her thoughts on Cayman’s progress in being removed from the grey list in a Cayman Compass article published on 19 June 2023.
Elisabeth’s experience as National Coordinator for the Anti-Money Laundering Steering Group meant she could confidently confirm that much hard work and dedication has been put into the national effort to ensure that the Cayman Islands is compliant with all of the Financial Action Task Force recommendations.
The Cayman Islands is already compliant or largely compliant with all 40 recommendations in relation to technical compliance (the legal framework). The Cayman Islands received 63 Recommended Actions following its Mutual Evaluation Report of February 2019. It remediated 60 of these before being placed on the grey list in February 2020 in relation to the three remaining actions. Just one action remains, which will be considered at the FATF Plenary this week, June 2023.
It is hoped that sufficient progress will be demonstrated to begin the process of removal from the grey list, starting with an onsite visit by the Joint Group of the Americas to the Cayman Islands.
See full article here: https://www.caymancompass.com/2023/06/19/d-day-in-paris-as-cayman-seeks-to-get-off-money-laundering-grey-list/
