The Cayman Islands remains on the Financial Action Task Force's grey list of 23 countries or jurisdictions that are subject to increased monitoring by the global anti-money laundering and terrorist financing watchdog.
Just two countries – Pakistan and Nicaragua – were removed from the grey list following the FATF plenary in Paris, France, which concluded on October 21.
The FATF placed Cayman on the grey list in February 2021, citing as reasons for the move a lack of fines and enforcement actions by Cayman's regulatory bodies.
In a statement issued Friday, the FATF said, since it was placed on the list, Cayman had made a high-level political commitment to work with the FATF and the Caribbean FATF to strengthen its anti-money laundering and counter-terrorism regime.
It urged Cayman to continue to work on its outstanding strategic deficiencies, including demonstrating, by February 2023, that it is prosecuting all types of money laundering cases in line with the jurisdiction's risk profile and that such prosecutions are resulting in the application of dissuasive, effective, and proportionate sanctions.
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