Cayman remains on “grey list” following FATF meeting on Oct 21 Loop Cayman Islands

Black Immigrant Daily News

The Financial Action Task Force (FATF) Plenary concluded today (October 21, 2022) with the Cayman Islands remaining on the grey list i.e., subjecting the jurisdiction to increased monitoring.

What increased monitoring means

Being subject to increased monitoring means that the FATF is of the view that the Cayman Islands and others on the list are actively working with the FATF to address the strategic deficiencies in their anti-money laundering and anti-terrorist financing regime.

It also means that countries on this list have committed to resolve any remaining identified strategic deficiencies within agreed timeframes.

Joining the Cayman Islands on the grey list are new members, the Democratic Republic of Congo Mozambique and Tanzania. Coming off the grey list are Pakistan and Nicaragua.

What remains outstanding for Cayman

In order for the Cayman Islands to come off the grey list, the FATF requires the Cayman Islands to continue to work on implementing its action plan to address its strategic deficiencies, including by demonstrating that the Cayman Islands are prosecuting all types of money laundering cases in line with the jurisdiction’s risk profile and that such prosecutions are resulting in the application of dissuasive, effective, and proportionate sanctions.

In this regard, the FATF said that it “urges the Cayman Islands to swiftly complete its action plan as all deadlines have now expired and to address the above-mentioned strategic deficiency by February 2023.”

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