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Cayman Islands removed from EU's high-risk AML list

19 January 2024

The Cayman Islands have been removed from the European Union's list of high-risk countries, which was updated today.

As signposted at the end of last year, the Official Journal no longer lists the jurisdiction amongst the countries deemed to pose a high risk for AML purposes.

A jurisdiction's inclusion on the list would typically require EU-based financial institutions dealing with entities from the jurisdiction to apply enhanced due diligence measures.

The removal of the Cayman Islands from the EU AML list will take effect from 7 February - 20 days after the publication of today's Official Journal.

The news follows the removal of the jurisdiction from the FATF's grey list last October, and the removal from the UK's list of high-risk third countries for AML / CFT / CPF purposes in December.

Today's announcement has been welcomed by Deputy Premier and Minister for Financial Services André Ebanks in a public statement.

He said: “The Cayman Islands Government fully understands the significance of this achievement, and what it means for our international reputation.

“My Government colleagues and I are profoundly thankful for the dedication of the many civil servants, regulators and industry members who walked the talk, earning our regime this recognition as a sound place for business. And we reaffirm our commitment with each milestone we achieve.”