The Cayman Islands will address the Financial Action Task Force (FATF) plenary this month, as part of the process for being removed from the FATF’s list of jurisdictions being monitored for anti-money laundering and countering the financing of terrorism (AML) deficiencies.
Prior to the plenary, a Ministry of Financial Services and Commerce delegation will discuss AML, tax, beneficial ownership and other matters with EU stakeholders.
The FATF Plenary will be held from 19 to 23 June in Paris. The attorney general, Samuel Bulgin, KC; Minister of Financial Services and Commerce, André Ebanks; and the Head of the Anti-Money Laundering Unit, Francis Arana, will participate in relation to the final FATF recommended action, on money laundering investigations and prosecutions, that the Cayman Islands needs to satisfy.
The FATF sets the global regulatory standard for anti-money laundering and terrorist financing, and it also monitors countries for their compliance with this standard.
For the EU visit from 12 to 16 June EU, Minister Ebanks will be accompanied by Cayman Islands Financial Services Representative, Gene DaCosta; and Senior Legislative Adviser Karen Stephen-Dalton.
“The Ministry’s last visit to the EU was in November 2022, when we addressed the EU Parliament’s FISC Committee,” Minister Ebanks noted. “However, there have been a number of financial services-related developments since then for government locally and in EU Member States, and we are looking forward to engaging with our counterparts on these important matters.
“Engagements such as this are vital to the Cayman Islands’ ability to participate intelligently and effectively in global regulatory discussions and cooperation initiatives, as well as commercial developments,” he added.
The visit includes meetings with:
- The EU Code of Conduct Group
- The Directorate-General for Taxation and Customs Union
- Directorate‑General for Economic and Financial Affairs
- Directorate‑General for Financial Stability, Financial Services and Capital Markets Union
- EU Member States Permanent Representatives and Financial Attachés, including for Germany, France, Spain, and the Netherlands
- Channel Islands representatives
- Industry association representatives
- Centre for European Political Studies representatives.
Government will update the public on the FATF plenary and the EU visit upon the delegations’ return to the Cayman Islands.