Jonathan McLean
Chris Humphries
Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands. Additionally, clients are...
The Minister of Financial Services and Commerce of the Cayman Islands government has received confirmation from the European Union that the EU does not require further measures, (beyond those included in the Financial Action Task Force action plan), to remove the Cayman Islands from the EU's anti-money laundering and countering the financing of terrorism list.
The European Commission's Directorate-General for Financial Services and Capital Markets Union ("DG FISMA") invited the Cayman Islands to focus on implementing the FATF's action plan, and noted that it would monitor the progress via the FATF's International Cooperation Review Group, of which the EU is a member.
The initial FATF action plan comprised three points. The Cayman Islands has satisfied one point, regarding the Cayman Islands Monetary Authority's sanctions regime. During the FATF's October 2022 plenary, the Cayman Islands will provide an update on its progress on the second and third FATF action points, in relation to beneficial ownership filings and sanctions and money laundering prosecutions.
Once the FATF removes the Cayman Islands from its list of jurisdictions under increased monitoring (the FATF list), the EU will initiate its steps to delist the Cayman Islands.
The Ministry of Financial Services underscores that the EU's decision reflects significant milestones achieved by the Cayman Islands government and the financial services industry, as overseen by the Cayman Islands Anti-Money Laundering Steering Group.
The Cayman Islands’ government encourages the industry to continue enhancing the quality and consistency of the beneficial ownership information it provides, in support of the removal as soon as possible from both the FATF and EU AML/CFT lists.
