The Financial Action Task Force added Cayman Islands to a list of jurisdictions that require enhanced supervision Thursday after finding that the offshore financial center disregarded a warning more than two year ago to address major gaps in its anti-money laundering regime. FATF President Markus Pleyer told reporters after the intergovernmental group's plenary in Paris this week that the U.K. overseas territory would now fall under "increased monitoring" after failing to apply dissuasive penalties against institutions that violate AML rules and legal entities that do not provide current and accurate information on their beneficial owners. "These are two crucial issues...
The Financial Action Task Force issued a public statement on jurisdictions under increased monitoring that are actively working to address strategic deficiencies in their anti-money laundering and counterterrorist financing regimes, often referred to as the "grey list."
The Financial Action Task Force published a public statement on the high-risk jurisdictions that have significant strategic deficiencies in their anti-money laundering and counterterrorist financing regimes, highlighting that the review process has been paused since February 2020.
The Financial Action Task Force announced the outcomes of the second plenary meeting chaired by President Marcus Pleyer, which focused on the international organization's strategic initiatives and country-specific anti-money laundering and counterterrorist financing concerns.
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