The Cayman Islands has been given a definitive date of February 7, 2024, when it will be removed from the EU Commission’s AML list.

Cayman was removed from the Financial Action Task Force AML list in October 2023, and it was anticipated this would result in it also being lifted from the EU Commission’s list of high-risk third countries (known as the EU AML List) at the next opportunity.

The certainty of a date will be welcomed by the Cayman Government and wider business community.

In an explanatory note to a proposal for a delegated resolution made in December, the EU Commission noted that Cayman has “strengthened the effectiveness of their AML/CFT regimes and addressed technical deficiencies to meet the commitments in their action plans on the strategic deficiencies identified by the FATF”.

UK Government removed the Cayman Islands from its list of high-risk third countries for AML/CFT/CPF purposes on December 5 last year.