03/10/23

Caribbean IFCs Complete AML Endurance Challenge

From an AML compliance perspective, 2023 may well go down as a landmark year for the Caribbean’s key International Financial Centres. With the anticipated removal later this year of the Cayman Islands from the FATF’s list of jurisdictions under increased monitoring, subject to a successful onsite inspection, Caribbean IFCs seem to be moving towards the finish line of what has felt more like a rollercoaster test of endurance over the past two decades and more. Following official confirmation last October that Bermuda had been removed from the EU’s list of non-cooperative jurisdictions, Cayman could also be successfully removed 12 months later, on the basis it was only added to the EU blacklist because of its designation for increased monitoring by the FATF.

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