Press Release from Cayman Finance, Monday 22 January, 2024.
Cayman Finance is applauding the European Union’s recognition of the effectiveness of the Cayman Islands’ AML/CFT regimes and decision to remove Cayman Islands from its list of “high-risk third countries”. The change will become effective on 7 February.
The EU’s decision is based, in part, on the assessment of the Financial Action Task Force (FATF) on 27 October 2023 that the Cayman Islands complies with global AML standards. The United Kingdom has also acknowledged the Cayman Islands AML compliance by removing the jurisdiction from its own list of high-risk third countries.
Commitment and collaboration
Cayman Finance CEO Steve McIntosh credited public and private sector leadership for the progress that led to this important achievement.
“The Cayman Islands Government and financial services industry share a solid commitment to ensuring that our jurisdiction meets global standards while protecting the rights of investors, asset managers, and other clients.
“The EU’s acknowledgement of the strength of the Cayman Islands’ AML regime is just the most recent example of how we collaborate to translate that commitment into an effective legal and regulatory framework.”
The EU previously conducted a detailed assessment of the Cayman Islands tax regime and concluded that the jurisdiction met its standards for transparency, fairness and tax good governance.
Deputy Premier and Minister for Financial Services André Ebanks said in a press release, “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.”
Enhanced choices for investors
The EU’s decision improves choices for investors by eliminating a requirement that European investors conduct enhanced due diligence of Cayman Islands’ entities. The EU’s action means Article 4 of the EU Securitisation Regulation will no longer prohibit the establishment of securitisation special purposes entities (SSPEs) in the Cayman Islands. Investors will be able to choose to use a SSPE in the Cayman Islands or any other jurisdiction not featuring on the EU AML list.
“Ensuring our legal and regulatory regime meets global standards opens up new opportunities for investors,” concluded McIntosh. “We look forward to using this development to promote the Cayman Islands financial services industry as an innovative leader that offers stability and growth.”
The SEC’s decision to impose new rules that require private funds to register as dealers reflects the agency’s commitment to increasing oversight and ensuring market integrity. The Securities
At a high-profile summit in London, Trump administration officials are expected to clash with European politicians and experts over differing visions of what energy security means. After Russia’s
South Korea will begin implementing the OECD’s crypto asset reporting framework (CARF) next year. The framework allows for the exchange of virtual asset transaction information with countries around
The prosecution sought 12-year prison sentences Wednesday for the founders of a now-defunct law firm at the center of the so-called “Panama Papers” tax evasion scandal. Jurgen Mossack and