Hon. André Ebanks

A delegation from the Americas Joint Group (Joint Group), a sub-working group of the Financial Action Task Force’s (FATF) International Co-Operation Review Group (ICRG), completed its onsite visit to the Cayman Islands on Friday, 1 September.

The onsite visit marked a significant milestone in the Cayman Islands’ ongoing efforts to demonstrate the effectiveness and sustainability of its anti-money laundering and countering the financing of terrorism (AML/CFT) framework in combatting financial crimes.

The Joint Group completed a comprehensive review of the final three recommended actions of the FATF’s action plan for Cayman. Engaging in discussions with Cayman Islands Government officials, regulatory authorities, and private sector entities, the delegation gained valuable insights into the country’s resolute AML/CFT framework, the rules that underpin it, and the practices deployed to operate it effectively. 

Importantly, during the visit, FATF Joint Group members met with Her Excellency the Governor, Jane Owen; Premier, the Hon. Wayne Panton; Deputy Governor, the Hon. Franz Manderson; Commissioner of Police for the Royal Cayman Islands Police Service, Mr Derek Byrne; the Attorney General, the Hon. Samuel Bulgin, KC; and Minister for Financial Services and Commerce, the Hon. André Ebanks to discuss the Government’s continuing high-level political commitment to maintain FATF standards. 

Mr Bulgin noted the visit was an important part of the Cayman Islands’ unwavering commitment to combatting financial crimes.

“The Cayman Islands remains dedicated to upholding the integrity of its financial services system and will continue to strengthen its AML/CFT framework to safeguard against illicit activities. We appreciate the FATF delegation’s thorough review process. We will continue to engage with international partners to guarantee a healthy and safe global financial services system,” Mr Bulgin said.

Minister Ebanks noted the visit was a consequential step in the final stage of the process for Cayman Islands to be removed from the FATF’s grey list, and expressed gratitude to all those involved.

“We appreciate the FATF authorising the visit and Joint Group members travelling to the Cayman Islands to verify our progress and learn more about our country and its financial services system. We applaud the collaborative efforts of our local stakeholders who took part in organising and participating in the visit, including representatives from the private sector. Their collective commitment and conduct were instrumental in having an efficient and compelling visit,” Minister Ebanks said.

The visit concluded with a reception hosted by Government and Governor Owen at Government House. The Joint Group will now prepare an on-site visit report, which will be presented at the upcoming FATF Plenary next month – at which point the Cayman Islands will receive confirmation as to whether it will be removed from the FATF’s grey list.