CAYMAN ISLANDS: THIRD ENHANCED FOLLOW-UP REPORT ON AML/CFT ASSESSMENT

On 15 November, FATF published a report from FATF-style regional body CFATF and said that the Cayman Islands has addressed most of the requirements of the revised Recommendation 15 (new technologies), and has been re-rated from Partially Compliant to Largely Compliant.  As a result, no FATF Recommendations are now rated as NC/PC.  However, the Cayman Islands will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes (IO) – follow-up reports do not address effectiveness ratings.  According to the enhanced follow-up process, Cayman Islands will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT measures.  The original mutual evaluation report was in 2019. 

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/CFATF-Follow-Up-Report-Cayman-Islands-2021.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: