Cayman Islands leverages final FATF guest status to navigate critical AML evaluation period
Cayman Islands Premier André Ebanks will lead a delegation to the Financial Action Task Force plenary in France this week, marking the territory’s final participation under a guest initiative as it prepares for a comprehensive anti-money laundering evaluation in 2027.
A government statement said Tuesday that Ebanks will join Attorney General Samuel Bulgin and representatives from the Cayman Islands Monetary Authority at the FATF plenary on June 12-13, participating in policy and compliance discussions as the global standard-setting body for anti-money laundering, counter-terrorism financing and counter-proliferation financing.
The Guest Initiative allows broader participation from countries outside FATF’s core membership to strengthen global cooperation against illicit finance by incorporating diverse regional perspectives into policy discussions.
The Cayman Islands is preparing for FATF’s 5th Round mutual evaluation of its anti-money laundering framework, with a Caribbean Financial Action Task Force assessment expected to begin approximately seven months before an on-site visit scheduled for December 2027.
Ebanks highlighted the strategic importance of attending discussions on the first mutual evaluation under FATF’s revised methodology, calling it “an exceptional opportunity to observe the evaluation feedback of our global peers, contribute directly as a guest member, and discern useful insights we can apply going forward.”
Ebanks will also travel to London for meetings with UK stakeholders and Parliament members on June 16-17, including UK Minister of State for Europe, North America and Overseas Territories Stephen Doughty. The meetings reflect ongoing coordination between the Cayman Islands and the United Kingdom on financial services regulation.
The Cayman Islands’ participation in FATF processes reflects its role as a major international financial center seeking to maintain compliance with evolving global standards for combating illicit finance while preserving its competitive position in financial services.
Cayman has received praise for its proactive approach to sanctions enforcement, particularly through Operation Hektor, a coordinated task force established in March 2022 to implement financial restrictions against Russian entities.
Led by the Cayman Islands Government in collaboration with agencies such as the Financial Reporting Authority and the Cayman Islands Monetary Authority, Operation Hektor has successfully frozen $8.35 billion in Russian assets, deregistered sanctioned vessels and aircraft, and strengthened regulatory oversight.
UK officials have described Operation Hektor as a model for effective sanctions enforcement, citing its inter-agency cooperation and swift action against illicit financial activities. The initiative has also contributed to enhanced compliance measures, ensuring that Cayman remains aligned with international sanctions policies while maintaining transparency in its financial sector.
