The Cayman Islands and Jordan have been removed from the EU’s list of high risk third countries.
The move follows the removal of both countries last October from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring, the so-called ‘grey list’. Malta was itself included on the grey list between June 2021 and June 2022.
The European Commission noted significant progress by both the Cayman Islands and Jordan, saying both countries have strengthened the effectiveness of their AML/CFT regimes.
“The Cayman Islands and Jordan have strengthened the effectiveness of their AML/CFT regimes and addressed technical deficiencies to meet the commitments in their action plans on the strategic deficiencies identified by the FATF. The [European] Commission’s assessment of the available information leads it to conclude that the Cayman Islands and Jordan no longer have strategic deficiencies in their AML/CFT regimes. It is therefore appropriate to delete the Cayman Islands and Jordan from the table in point I of the Annex to Delegated Regulation (EU) 2016/1675.”
While the EU’s list of high risk third countries presents similarities with the FATF’s own lists, registered subject persons should be aware that the two are not identical and that a country may be present on one list but not on the other.
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