The EU has added the Cayman Islands and eight other jurisdictions to its list of countries with strategic deficiencies in their Anti-Money Laundering regimes. Financial statements must be prepared in accordance with International Financial Reporting Standards or Generally Accepted Accounting Principles of the United States, Japan, Switzerland or other non-high-risk jurisdiction.
The regulation updated the list (EU List) of high-risk countries identifying those with deficiencies in their AML/CFT regimes. on 10 january 2022, the secretary general of the european commission proposed in a draft delegated regulation ( proposed directive) that the cayman islands, along with several other countries, be added to the european union's ( eu) annexure of high risk third countries with "strategic deficiencies" in its anti-money laundering and counter Financial Action Task Force - High-risk and other monitored jurisdictions. Brunei, Canada, Cayman Islands, Chile, China, Cook Islands, . High-risk and non-cooperative jurisdictions list. The government is committed to strengthening its AML/CFT/CFP framework. Countries proposed to be removed: The Bahamas, Botswana, Ghana, Iraq and Mauritius. 8)Sub-Saharan Africa. Details. This was accompanied with updates to a number of other laws including the Monetary . The Delegated Regulation amends the list of high-risk third countries that have provided a written high-level political commitment to address identified strategic AML/CTF deficiencies and have developed an action plan with the Financial Action Task Force (FATF) as follows: Newly added to the list. . Based on the three sources cited above - Global Forum, EU list and TJN Secrecy index - several countries can be indicated as being at-risk of non-compliance with the This report provides a summary of the AML/CFT measures in place in the Cayman Islands as at the date of the on-site visit December 4-15, 2017. Accounts will need to be prepared in accordance with International Financial Reporting Standards (IFRS) or the generally accepted accounting principles of the United States of America, Japan, Switzerland or any other non high-risk jurisdiction. This list is often externally referred to as the 'grey list'. Lebanon 8. Cayman Islands . A copy of these documents has been uploaded on the . On the 7th of January 2022 a draft Delegated Regulation was adopted by the European Commission. Burkina Faso. More challenges ahead for offshore sector in EU. This . Walkers has prepared for every outcome and should there be a need to use an alternative jurisdiction to the Cayman Islands, can provide the same level and scope of service in each of its Bermuda, Ireland . FATF High-Risk Jurisdictions 2022. Faso, Cayman Islands, Morocco and Senegal are each newly defined as a "high-risk third country" as a result of these Regulations. 6 . Panama takes the first spot as the world's best offshore jurisdiction. Both within the EU and at the international level, the EU is working to promote and strengthen tax good governance mechanisms, fair taxation, and . Similar new laws have been introduced in the British Virgin Islands, Bermuda and other similar offshore . On the basis of the results of the review by the International Co-operation Review Group (ICRG), the FATF identifies jurisdictions with strategic AML/CFT deficiencies in the following public documents that are issued three times a year: High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under . Futures trading involves the substantial risk of loss and is not suitable for all . Jurisdiction Risk Level; Afghanistan: Very High: Aland Islands: Medium: Albania: Very High: Algeria: High: Andorra: Low: Angola: High: Anguilla (UK) . When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. At its plenary session on 25 February 2021, the Financial Action Task Force (FATF) included the Cayman Islands as a jurisdiction being monitored for the active resolution of identified deficiencies in its regimes for the countering of anti-money laundering, terrorist financing and proliferation financing. Third, the NRA 2021 seeks to update the Cayman Islands' national risk understanding in . Contact our experts. 2 Countries proposed to be added: Burkina Faso, Cayman Islands, Haiti, Jordan, Mali, Morocco, the Philippines, Senegal, and South Sudan. This list (sometimes referred to as the FATF's 'grey .
The FATF blacklist (officially known as the "Call for action"), is the common shorthand description for the Financial Action Task Force (FATF) list of "Non-Cooperative Countries or Territories" (NCCTs). FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. Luxembourg 7. The EU Commission maintains a list of "high-risk third countries", which typically includes the countries on the FATF Monitoring List but may include others. The high-risk third countries are: Albania; Barbados; Burkina Faso; Cambodia; Cayman Islands; Democratic People's Republic of Korea (DPRK)* Haiti; Iran* Jamaica; Jordan; Mali* Malta; Morocco; Myanmar* Nicaragua* Pakistan; Panama; Philippines Myanmar : 7.83 4: Mozambique : 7.71 5: Cayman Islands : 7.66 6: Madagascar : 7.40 7: Mali : 7.37 8: Securitisation Regulation, which references the FATF list of "high risk jurisdictions", which does not include the Cayman Islands. The FATF's grey list includes just 18 other countries, the Cayman Islands being the only overseas territory on the list. Last March we published an advisory on the Cayman Islands inclusion on the Financial Action Task Force's list of "jurisdictions under increased monitoring" (FATF Monitoring List), noting that the EU Commission maintains a list of "high-risk third countries" (EU AML List), which typically includes the countries on the FATF Monitoring List but may include others. The Cayman Islands was included in the EU List. 1) High-risk jurisdictions on which enhanced due diligence and, where appropriate, counter-measures are imposed Since February 2020, in response to the COVID -19 pandemic, the FATF adopted a general pause in the review process of the high-risk jurisdictions on which enhanced due diligence and, where appropriate, counter -measures are imposed. An unfortunate by-product of this relaxed regulatory atmosphere is the significant money-laundering and greater financial crime concerns in the Cayman Islands; which has led to them being placed on FATF's Grey List and the European Union's High Risk Third Country list as a jurisdiction with significant strategic deficiencies in its anti . For all jurisdictions identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, jurisdictions are called upon to apply counter-measures to protect the international financial system from the money laundering, terrorist financing, and . . 0 = low risk to 10 = high risk Income Region Rank Jurisdiction Overall Score; 1: . The identification, collection and analysis of relevant data was conducted by a specialised . The region faces high risks of human trafficking, including the highest risk in Afghanistan. the list of jurisdictions under increased monitoring in the area of anti-money laundering / countering terrorist and proliferation financing ("AML / CFT / CPF"). The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force's updated list of jurisdictions under increased monitoring, which includes the Cayman Islands, Burkina Faso, Morocco and Senegal. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. This region has the second-highest overall risk score and is significantly below average across all categories. 26 Feb 2021. This is the major achievement of the EU list process. On February 7, 2020 the Cayman Islands enacted new legislation for collective investment vehicles. . LIST A: High Risk Jurisdiction List This list covers countries and territories that are to be treated as countries and territories that do not apply, or insufficiently apply, the FATF Recommendations. Bahrain 10. (formally known as list of "non-cooperative jurisdictions and high-risk jurisdictions subject to a call for action") - though that would be surprising, given that the FATF blacklist currently includes only Iran and North Korea. High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of . 7.2 This new list of countries reflects the list identified by the FATF in the 'high risk jurisdictions subject to a call for action' and 'jurisdictions under increased . The Cayman Islands introduced an Economic Substance Law (the Law) effective from 1 January 2019 that will require an increased level of substance to be maintained in the Cayman Islands for all companies that fall within the new regime. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. The identification of high-risk third countries must be based on a clear and objective assessment which focuses on a jurisdiction's compliance with the criteria laid down in Directive (EU) 2015/849 regarding its legal and institutional anti-money-laundering and countering the financing of terrorism (AML/CFT) framework, the powers and procedures . . This inclusion is a technicality which stems from the addition of the Cayman. The organisation said jurisdictions on this list were actively working with it to address 'strategic deficiencies' in their anti-money laundering and terrorist . The UK government has added Pakistan to the list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls. Relevant Businesses should consider the statements issued as part of their risk assessment and consider whether enhanced due diligence would be appropriate. The Bill defines a "non-high risk . carried out as part of the deposit-taking institution's sector risk assessment. A copy of these [] . Cayman Islands undertook a full risk assessment of SIBL-EPs. Moreover, the risk scores are likely to rise even higher after more . 3. Japan, Switzerland or other non-high-risk jurisdiction (being any jurisdiction that is not on the high risk list issued by the Financial Action Task Force . The Cayman Islands stayed on FATF's monitoring list when it was updated in October 2021 and the European Commission has now formally proposed to add the Cayman Islands to its AML blacklist in a document dated 7 January. The Financial Action Task Force, or FATF, publishes a list of high-risk jurisdictions to enhance anti-money laundering policies and procedures. Switzerland or any other non- high risk jurisdiction. The Financial Action Task Force has released an updated list of jurisdictions under increased monitoring, which includes the Cayman Islands, Burkina Faso, Morocco and Senegal. Cayman Islands (UK) Medium: Chad: Very High: Chile: Medium: China: Medium: Christmas Island (AUS) Medium: . Many made concrete, high level commitments to improve their standards, as a result of the EU screening exercise. All 27 EU member states, along with Iceland, Liechtenstein and Norway from the European Economic Area, are implementing the directive. It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of the AML/CFT system as well as recommends how the system could be strengthened. Cayman Islands and the EU AML High-Risk Third Countries List 19 Jan 2022 On 7 January 2022, the European Commission adopted a draft Delegated Regulation (the "Draft Regulation " ) updating its list of 'high-risk third countries' ("EU AML List") identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing ("AML/CFT") regimes 1 . 01 Apr 2019. Annual return Barbados has added the Cayman Islands to its list of countries and jurisdictions considered to be high risk for COVID-19. 01 July 2021. This is an advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. If an entity is using different accounting principles than those listed, such as a special purpose reporting framework, the entity should be considering opening a . All regulated businesses should be familiar with these jurisdictions, as working with them can affect your AML screening process. 1 Known as the VASP Law until a recent change amending the way in which Cayman Islands primary legislation is referred to. The AIFMD also requires that the third country is not listed as a 'Non-Cooperative Country and Territory' by the Financial Action Task Force (FATF). Other countries figuring in the 'high-risk jurisdiction' list are Bahamas, Bahrain, Bermuda, British Virgin Islands, Cayman, Channel Islands, Cook Islands, Guernsey, Indonesia, Isle of Man, Jersey, Kuwait, Liechtenstein, Malaysia, Oman, the Philippines, Russia, Saudi Arabia, Thailand, Trinidad and Tobago, and Turkey. On 25 February 2021, the Financial Action Task Force ("FATF") added the Cayman Islands to its "Monitoring List", i.e. Cayman Islands Ghana Jamaica Mauritius Morocco Myanmar* Nicaragua* Pakistan Panama Senegal Syria* Uganda . The EU's prescriptive list contains details of third-country jurisdictions which have strategic deficiencies in their Anti-Money Laundering / Counter Terrorist Financing (AML/CFT) regimes that pose significant . This inclusion is a technicality which stems from the addition of the Cayman Islands to the Financial Action Task Force's (FATF) list of jurisdictions under increased monitoring in the area of AML/CFT/CPF (the FATF Monitoring List), commonly referred to as the FATF 'grey . Cayman Islands 6. High-risk third country Date of entry into force; Afghanistan: 23 September 2016: Barbados: 1 October 2020: Burkina Faso: 13 March 2022: Cambodia: 1 October 2020: Cayman Islands: 13 March 2022: Democratic People's Republic of Korea (DPRK) 23 September 2016: Haiti: 13 March 2022: Iran: 23 September 2016: Jamaica: 1 October 2020: Jordan: 13 March 2022: Mali: 13 March 2022: Morocco: 13 March 2022 Despite all the negative publicity it has received the last few years, due to the . A non-high risk jurisdiction is defined as any jurisdiction that is not on the list of high risk jurisdictions issued by the Financial Action Task Force. the Cayman Islands made a . The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. (the other being "high-risk jurisdictions subject to a call for action", a category that includes only Iran and North Korea). However, this list is no longer maintained by FATF, which instead maintains a list of 'High-risk and non-cooperative jurisdictions'. 21st June 2022 The FIAU would like to bring to your attention the latest FATF 'High-Risk Jurisdictions subject to a Call for Action' (previously known as 'Public Statement') and 'Jurisdictions under Increased Monitoring' (previously known as 'Improving global AML/CFT compliance: on-going process') documents issued by the FATF on 17 June 2022. The full GLI guide to blockchain and cryptocurrency regulation 2022 covers 29 jurisdictions and includes 17 general chapters. High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. (CNS): The financial services industry in the Cayman Islands is bracing itself for another rocky year, as this jurisdiction could be included on the European Union's list of high-risk third countries for money laundering that pose significant threats to the financial system of the Union. define the term "high risk jurisdiction." Countries with weak or insufficient AML/CFT measures present a clear ML/TF risk as do countries associated with high degrees of It sets out which jurisdictions will be . List B: Jurisdictions that May Pose a Higher Risk This list covers countries and territories that may pose a higher risk of money laundering or terrorist financing. Most outflows to tier 1 and 2 jurisdictions went to India, the Philippines and Nigeria. "Carey Olsen" in the Cayman Islands is the business name of Carey Olsen Cayman Limited, a . Updates . The Expert Edition contains a detailed overview of 203 jurisdictions and their risk scores based on available data. Albania.
The regulation updated the list (EU List) of high-risk countries identifying those with deficiencies in their AML/CFT regimes. on 10 january 2022, the secretary general of the european commission proposed in a draft delegated regulation ( proposed directive) that the cayman islands, along with several other countries, be added to the european union's ( eu) annexure of high risk third countries with "strategic deficiencies" in its anti-money laundering and counter Financial Action Task Force - High-risk and other monitored jurisdictions. Brunei, Canada, Cayman Islands, Chile, China, Cook Islands, . High-risk and non-cooperative jurisdictions list. The government is committed to strengthening its AML/CFT/CFP framework. Countries proposed to be removed: The Bahamas, Botswana, Ghana, Iraq and Mauritius. 8)Sub-Saharan Africa. Details. This was accompanied with updates to a number of other laws including the Monetary . The Delegated Regulation amends the list of high-risk third countries that have provided a written high-level political commitment to address identified strategic AML/CTF deficiencies and have developed an action plan with the Financial Action Task Force (FATF) as follows: Newly added to the list. . Based on the three sources cited above - Global Forum, EU list and TJN Secrecy index - several countries can be indicated as being at-risk of non-compliance with the This report provides a summary of the AML/CFT measures in place in the Cayman Islands as at the date of the on-site visit December 4-15, 2017. Accounts will need to be prepared in accordance with International Financial Reporting Standards (IFRS) or the generally accepted accounting principles of the United States of America, Japan, Switzerland or any other non high-risk jurisdiction. This list is often externally referred to as the 'grey list'. Lebanon 8. Cayman Islands . A copy of these documents has been uploaded on the . On the 7th of January 2022 a draft Delegated Regulation was adopted by the European Commission. Burkina Faso. More challenges ahead for offshore sector in EU. This . Walkers has prepared for every outcome and should there be a need to use an alternative jurisdiction to the Cayman Islands, can provide the same level and scope of service in each of its Bermuda, Ireland . FATF High-Risk Jurisdictions 2022. Faso, Cayman Islands, Morocco and Senegal are each newly defined as a "high-risk third country" as a result of these Regulations. 6 . Panama takes the first spot as the world's best offshore jurisdiction. Both within the EU and at the international level, the EU is working to promote and strengthen tax good governance mechanisms, fair taxation, and . Similar new laws have been introduced in the British Virgin Islands, Bermuda and other similar offshore . On the basis of the results of the review by the International Co-operation Review Group (ICRG), the FATF identifies jurisdictions with strategic AML/CFT deficiencies in the following public documents that are issued three times a year: High-Risk Jurisdictions subject to a Call for Action and Jurisdictions under . Futures trading involves the substantial risk of loss and is not suitable for all . Jurisdiction Risk Level; Afghanistan: Very High: Aland Islands: Medium: Albania: Very High: Algeria: High: Andorra: Low: Angola: High: Anguilla (UK) . When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. At its plenary session on 25 February 2021, the Financial Action Task Force (FATF) included the Cayman Islands as a jurisdiction being monitored for the active resolution of identified deficiencies in its regimes for the countering of anti-money laundering, terrorist financing and proliferation financing. Third, the NRA 2021 seeks to update the Cayman Islands' national risk understanding in . Contact our experts. 2 Countries proposed to be added: Burkina Faso, Cayman Islands, Haiti, Jordan, Mali, Morocco, the Philippines, Senegal, and South Sudan. This list (sometimes referred to as the FATF's 'grey .
The FATF blacklist (officially known as the "Call for action"), is the common shorthand description for the Financial Action Task Force (FATF) list of "Non-Cooperative Countries or Territories" (NCCTs). FATF describes "High-risk jurisdictions subject to a Call for Action" as having "significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. Luxembourg 7. The EU Commission maintains a list of "high-risk third countries", which typically includes the countries on the FATF Monitoring List but may include others. The high-risk third countries are: Albania; Barbados; Burkina Faso; Cambodia; Cayman Islands; Democratic People's Republic of Korea (DPRK)* Haiti; Iran* Jamaica; Jordan; Mali* Malta; Morocco; Myanmar* Nicaragua* Pakistan; Panama; Philippines Myanmar : 7.83 4: Mozambique : 7.71 5: Cayman Islands : 7.66 6: Madagascar : 7.40 7: Mali : 7.37 8: Securitisation Regulation, which references the FATF list of "high risk jurisdictions", which does not include the Cayman Islands. The FATF's grey list includes just 18 other countries, the Cayman Islands being the only overseas territory on the list. Last March we published an advisory on the Cayman Islands inclusion on the Financial Action Task Force's list of "jurisdictions under increased monitoring" (FATF Monitoring List), noting that the EU Commission maintains a list of "high-risk third countries" (EU AML List), which typically includes the countries on the FATF Monitoring List but may include others. The Cayman Islands was included in the EU List. 1) High-risk jurisdictions on which enhanced due diligence and, where appropriate, counter-measures are imposed Since February 2020, in response to the COVID -19 pandemic, the FATF adopted a general pause in the review process of the high-risk jurisdictions on which enhanced due diligence and, where appropriate, counter -measures are imposed. An unfortunate by-product of this relaxed regulatory atmosphere is the significant money-laundering and greater financial crime concerns in the Cayman Islands; which has led to them being placed on FATF's Grey List and the European Union's High Risk Third Country list as a jurisdiction with significant strategic deficiencies in its anti . For all jurisdictions identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and in the most serious cases, jurisdictions are called upon to apply counter-measures to protect the international financial system from the money laundering, terrorist financing, and . . 0 = low risk to 10 = high risk Income Region Rank Jurisdiction Overall Score; 1: . The identification, collection and analysis of relevant data was conducted by a specialised . The region faces high risks of human trafficking, including the highest risk in Afghanistan. the list of jurisdictions under increased monitoring in the area of anti-money laundering / countering terrorist and proliferation financing ("AML / CFT / CPF"). The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force's updated list of jurisdictions under increased monitoring, which includes the Cayman Islands, Burkina Faso, Morocco and Senegal. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. This region has the second-highest overall risk score and is significantly below average across all categories. 26 Feb 2021. This is the major achievement of the EU list process. On February 7, 2020 the Cayman Islands enacted new legislation for collective investment vehicles. . LIST A: High Risk Jurisdiction List This list covers countries and territories that are to be treated as countries and territories that do not apply, or insufficiently apply, the FATF Recommendations. Bahrain 10. (formally known as list of "non-cooperative jurisdictions and high-risk jurisdictions subject to a call for action") - though that would be surprising, given that the FATF blacklist currently includes only Iran and North Korea. High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of . 7.2 This new list of countries reflects the list identified by the FATF in the 'high risk jurisdictions subject to a call for action' and 'jurisdictions under increased . The Cayman Islands introduced an Economic Substance Law (the Law) effective from 1 January 2019 that will require an increased level of substance to be maintained in the Cayman Islands for all companies that fall within the new regime. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. The identification of high-risk third countries must be based on a clear and objective assessment which focuses on a jurisdiction's compliance with the criteria laid down in Directive (EU) 2015/849 regarding its legal and institutional anti-money-laundering and countering the financing of terrorism (AML/CFT) framework, the powers and procedures . . This inclusion is a technicality which stems from the addition of the Cayman. The organisation said jurisdictions on this list were actively working with it to address 'strategic deficiencies' in their anti-money laundering and terrorist . The UK government has added Pakistan to the list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls. Relevant Businesses should consider the statements issued as part of their risk assessment and consider whether enhanced due diligence would be appropriate. The Bill defines a "non-high risk . carried out as part of the deposit-taking institution's sector risk assessment. A copy of these [] . Cayman Islands undertook a full risk assessment of SIBL-EPs. Moreover, the risk scores are likely to rise even higher after more . 3. Japan, Switzerland or other non-high-risk jurisdiction (being any jurisdiction that is not on the high risk list issued by the Financial Action Task Force . The Cayman Islands stayed on FATF's monitoring list when it was updated in October 2021 and the European Commission has now formally proposed to add the Cayman Islands to its AML blacklist in a document dated 7 January. The Financial Action Task Force, or FATF, publishes a list of high-risk jurisdictions to enhance anti-money laundering policies and procedures. Switzerland or any other non- high risk jurisdiction. The Financial Action Task Force has released an updated list of jurisdictions under increased monitoring, which includes the Cayman Islands, Burkina Faso, Morocco and Senegal. Cayman Islands (UK) Medium: Chad: Very High: Chile: Medium: China: Medium: Christmas Island (AUS) Medium: . Many made concrete, high level commitments to improve their standards, as a result of the EU screening exercise. All 27 EU member states, along with Iceland, Liechtenstein and Norway from the European Economic Area, are implementing the directive. It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of the AML/CFT system as well as recommends how the system could be strengthened. Cayman Islands and the EU AML High-Risk Third Countries List 19 Jan 2022 On 7 January 2022, the European Commission adopted a draft Delegated Regulation (the "Draft Regulation " ) updating its list of 'high-risk third countries' ("EU AML List") identified as having strategic deficiencies in their anti-money laundering/counter-terrorist financing ("AML/CFT") regimes 1 . 01 Apr 2019. Annual return Barbados has added the Cayman Islands to its list of countries and jurisdictions considered to be high risk for COVID-19. 01 July 2021. This is an advisory notice regarding the risks posed by jurisdictions with unsatisfactory money laundering and terrorist financing controls. If an entity is using different accounting principles than those listed, such as a special purpose reporting framework, the entity should be considering opening a . All regulated businesses should be familiar with these jurisdictions, as working with them can affect your AML screening process. 1 Known as the VASP Law until a recent change amending the way in which Cayman Islands primary legislation is referred to. The AIFMD also requires that the third country is not listed as a 'Non-Cooperative Country and Territory' by the Financial Action Task Force (FATF). Other countries figuring in the 'high-risk jurisdiction' list are Bahamas, Bahrain, Bermuda, British Virgin Islands, Cayman, Channel Islands, Cook Islands, Guernsey, Indonesia, Isle of Man, Jersey, Kuwait, Liechtenstein, Malaysia, Oman, the Philippines, Russia, Saudi Arabia, Thailand, Trinidad and Tobago, and Turkey. On 25 February 2021, the Financial Action Task Force ("FATF") added the Cayman Islands to its "Monitoring List", i.e. Cayman Islands Ghana Jamaica Mauritius Morocco Myanmar* Nicaragua* Pakistan Panama Senegal Syria* Uganda . The EU's prescriptive list contains details of third-country jurisdictions which have strategic deficiencies in their Anti-Money Laundering / Counter Terrorist Financing (AML/CFT) regimes that pose significant . This inclusion is a technicality which stems from the addition of the Cayman Islands to the Financial Action Task Force's (FATF) list of jurisdictions under increased monitoring in the area of AML/CFT/CPF (the FATF Monitoring List), commonly referred to as the FATF 'grey . Cayman Islands 6. High-risk third country Date of entry into force; Afghanistan: 23 September 2016: Barbados: 1 October 2020: Burkina Faso: 13 March 2022: Cambodia: 1 October 2020: Cayman Islands: 13 March 2022: Democratic People's Republic of Korea (DPRK) 23 September 2016: Haiti: 13 March 2022: Iran: 23 September 2016: Jamaica: 1 October 2020: Jordan: 13 March 2022: Mali: 13 March 2022: Morocco: 13 March 2022 Despite all the negative publicity it has received the last few years, due to the . A non-high risk jurisdiction is defined as any jurisdiction that is not on the list of high risk jurisdictions issued by the Financial Action Task Force. the Cayman Islands made a . The Cayman Islands remains a high-risk jurisdiction for money laundering. The Cayman Islands will be included on the EU's list of 'high risk third countries' (the EU AML List) on 13 March 2022. (the other being "high-risk jurisdictions subject to a call for action", a category that includes only Iran and North Korea). However, this list is no longer maintained by FATF, which instead maintains a list of 'High-risk and non-cooperative jurisdictions'. 21st June 2022 The FIAU would like to bring to your attention the latest FATF 'High-Risk Jurisdictions subject to a Call for Action' (previously known as 'Public Statement') and 'Jurisdictions under Increased Monitoring' (previously known as 'Improving global AML/CFT compliance: on-going process') documents issued by the FATF on 17 June 2022. The full GLI guide to blockchain and cryptocurrency regulation 2022 covers 29 jurisdictions and includes 17 general chapters. High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation. (CNS): The financial services industry in the Cayman Islands is bracing itself for another rocky year, as this jurisdiction could be included on the European Union's list of high-risk third countries for money laundering that pose significant threats to the financial system of the Union. define the term "high risk jurisdiction." Countries with weak or insufficient AML/CFT measures present a clear ML/TF risk as do countries associated with high degrees of It sets out which jurisdictions will be . List B: Jurisdictions that May Pose a Higher Risk This list covers countries and territories that may pose a higher risk of money laundering or terrorist financing. Most outflows to tier 1 and 2 jurisdictions went to India, the Philippines and Nigeria. "Carey Olsen" in the Cayman Islands is the business name of Carey Olsen Cayman Limited, a . Updates . The Expert Edition contains a detailed overview of 203 jurisdictions and their risk scores based on available data. Albania.