Michalis Parides
A Noteworthy Transition
In our previous discourse, we highlighted the challenging path the Cayman Islands tread on the Financial Action Task Force's (FATF) grey list. Today, we touch upon a commendable shift. As of 27th October 2023, the Cayman Islands have successfully extricated themselves from the FATF grey list, showcasing an exemplar dedication to global financial standards.
Significance of the Delisting
The removal from the grey list reinstates the Cayman Islands' position in the global financial sphere, paving the way for enhanced economic opportunities. Businesses can anticipate streamlined processes, and the global investment community will likely renew their focus on what the Islands bring to the table.
Gearing Up for the Future
The Cayman Islands are not just content with this victory; they're forward focused. With the 5th round of FATF's mutual evaluation looming in 2025, preparations are already afoot to ensure continued adherence to international standards.
Concluding Remarks
The Cayman Islands' journey from the grey list reflects a robust commitment to financial transparency and global best practices. For entities considering or operating within and with the Cayman Islands, this delisting serves as a reaffirmation of the region's steadfastness in upholding a robust financial ecosystem.
Royal Pine: Your Trusted Advisor
At Royal Pine, our team can assist you with administration, company secretarial, regulatory, compliance and fiduciary services in Cayman Islands including:
• Fund Structure Advisory
• Fund Formation
• Fund Administration
• CIMA Licensed Directors
• AML Officers
• Corporate administration, record keeping and registered office services
* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.
