The Cayman Islands De-Listed by the FATF
Left to right: Mr. Rohan Bromfield, Head-Fiduciary Services Division, Cayman Islands Monetary Authority; Ms. Simone Ebanks, Policy Analyst, Anti-Money Laundering Unit; Ms. Cindy Scotland, OBE, Managing Director, Cayman Islands Monetary Authority; Honourable Andre Ebanks, Minister of Financial Services and Commerce of Cayman Islands; Honourable Samuel Bulgin K.C., J.P., CFATF Chairman and Attorney General of Cayman Islands.
On 27 October 2023, the Financial Action Task Force (FATF) de-listed the Cayman Islands from its ‘List of Jurisdictions under Increased Monitoring’ also known as the ‘grey list’. The Cayman Islands was represented at the meeting by Honourable Samuel Bulgin, KC, JP, CFATF Chairman and Attorney General of the Cayman Islands, Honourable Andre Ebanks, Minister of Financial Services and Commerce, and Ms. Simone Ebanks Policy Analyst, Anti-Money Laundering Unit.
In addressing the FATF, CFATF Chairman Bulgin noted the hard work that had been undertaken over the past two years by a team of dedicated Cayman Islands professionals from the Hon. Minister of Financial Services and Staff, the Anti-Money Laundering Steering Group, the Interagency Coordination Committee and the private sector. Chairman Bulgin also thanked the CFATF for its support and guidance during the process and acknowledged the assistance of the Americas Joint Group.
The Cayman Islands can now look forward to fully focusing on preparations for its 5th Round AML/CFT/CPF assessment which will occur in 2027.
As Chairman of the CFATF, Attorney General Bulgin noted that this was indeed a proud moment for the Cayman Islands and its AML/CFT/CPF achievements can be emulated by others in the Caribbean.
Following the Plenary, the Chair congratulated Barbados, Jamaica, and Haiti for their progress and welcomed Barbados obtaining an onsite.
In addition, the Chair expressed gratitude to the COSUNs and Observers for their technical support throughout the process.