Jan 2024
The Cayman Islands is now set to be removed from the EU anti-money laundering (AML) list. This action follows the decision of the Financial Action Task Force (FATF) monitoring group on 27 October 2023 and subsequent removal from the UK’s list of high-risk third countries for AML purposes on 5 December 2023.
On 18 January 2024, the EU published a revised list of high-risk countries for AML purposes in its official journal. The Cayman Islands does not appear on that new list.
Financial institutions in the EU are typically required to apply enhanced due diligence measures to transactions with entities from countries on the EU AML list. Cayman’s removal will become effective 20 days after publication on 7 February 2024.
For more details, click here to read the Cayman Islands Government’s media release.
For further information, please contact your usual Conyers contact or one of the contacts listed below.