FATF Removes Cayman Islands from Its ‘Grey List’

FATF Removes Cayman Islands from Its ‘Grey List’

• The Financial Action Task Force (FATF), an inter-governmental body responsible for setting international standards to combat money laundering, terrorist financing, and proliferation financing, has recently made headlines by removing several countries from its ‘grey list’ while adding another.

• The FATF maintains a ‘grey list,’ which consists of jurisdictions that do not meet the organization’s anti-money laundering (AML), counter-terrorism financing (CFT), and proliferation financing standards. Countries placed on this list are subject to increased monitoring until identified deficiencies in their regulatory frameworks are resolved.

• While several countries celebrated their removal from the ‘grey list,’ FATF added Bulgaria to the list.

• The Cayman Islands, a British Overseas Territory, found itself on the FATF’s ‘grey list’ in 2021.

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Published date : 30 Oct 2023 05:14PM