The Cayman Islands Government has welcomed the move by the EU Commission, which has published a delegated regulation regarding the removal of the Cayman Islands from its AML list. This document marks the first official step toward Cayman’s delisting from the EU AML list.

The Government described the move as a positive update in regard to the international standing of its anti-money laundering, countering the financing of terrorism and counter proliferation financing (AML/CFT/CPF) regime.

The regulation is not yet in force, but Government expects, as per previous EU protocol, that there will be further movement on this matter next month.

“We’re pleased to see the EU take this step with regards to the Cayman Islands and their AML listing which accords with our correspondence with the EU on this matter. It is therefore a credit to our sustained AML reforms and proactive engagement with EU officials and decision makers that we are advancing towards delisting early next year,” Deputy Premier and Minister for Financial Services and Commerce, the Hon. AndrĂ© Ebanks said.

Additionally, as of 5 December, the UK Government has officially removed the Cayman Islands from its list of high-risk third countries for AML/CFT/CPF purposes. His Majesty’s Treasury published regulations earlier this month, following the removal of the Cayman Islands from the Financial Action Task Force AML list in October 2023.

“As a result of our FATF delisting, we expected the Cayman Islands to be removed from the UK high risk list (in addition to reduced ratings in other countries). I’m therefore grateful that following discussions with Her Excellency, Governor Jane Owen and other relevant UK Government officials, Cayman has been removed,” the Deputy Premier said.