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  4. Cayman Islands is removed from EU AML high-risk list

Cayman Islands is removed from EU AML high-risk list

26 Jan 2024
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On 18 January 2024, the European Commission published the Delegated Regulation (EU) 2024/163 dated 12 December 2023, amending Regulation (EU) 2016/1675. This amendment involves removing the Cayman Islands from the AML list of high-risk third countries on the basis that these countries have addressed their strategic deficiencies in anti-money laundering and countering financing of terrorism (AML/CFT) regimes.

The decision is based on recent information, including updates from the Financial Action Task Force (FATF). The European Commission acknowledges the progress made by the Cayman Islands in strengthening their AML/CFT frameworks. The amended regulation comes into effect on 7 February 2023, 20 days after its publication in the Official Journal of the European Union.

The revised list of high-risk third countries is provided in the Annex to the Regulation and can be found here.

Our recent blog post on EU’s AML/CTF list can be found here.

Authors
Juan Pablo Urrutia
Partner | Funds & Regulatory | Cayman Islands