About Loeb Smith
People
Sectors
Expertise
- Legal Service
- Banking and Finance
- Blockchain, Fintech and Cryptocurrency
- Capital Markets and Privatization
- Corporate
- Cybersecurity and Data Privacy
- Insolvency, Restructuring and Corporate Recovery
- Insurance and Reinsurance
- Intellectual Property
- Investment Funds
- Litigation and Dispute Resolution
- Mergers and Acquisitions
- Private Client and Family Office
- Private Equity and Venture Capital
- Governance, Regulatory and Compliance
- Entity Formation and Managed Services
- Consulting
- Legal Service
News and Announcements
Locations
Subscribe Newsletters
Contact
Cayman Islands removal from EU AML List to be effective on 7 February 2024
01 June 2020 . 8 min readThe Cayman Islands was removed from the FATF Grey list in October last year (see related publication here (Cayman Islands removed from FATF Grey list – Loeb Smith)), which was then followed by the UK on 5 December 2023 which removed the Cayman Islands from the UK list of high-risk countries for AML and CTF purposes pursuant to the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No. 2) Regulations 2023.
The European Union followed suit a week later on 12 December 2023 when the EU Commission passed the Commission Delegated Regulation (EU) 2024/163 (the “Regulation”) amending Delegated Regulation (EU) 2016/1675 as regards the deletion of the Cayman Islands and Jordan from the table in point I of the Annex, i.e. the EU list of high-risk third countries. The Regulation was finally published on the Official Journal of the European Union on 18 January 2024 (the full copy can be viewed at the following link: Delegated regulation – EU – 2024/163 – EN – EUR-Lex (europa.eu)) and, accordingly, it will become effective 20 days after publication on 7 February 2024.
The Regulation becoming effective in February 2024 means that the Cayman Islands will be removed from the EU list of high-risk third countries and represents the latest of a number of steps towards recognizing the Cayman Islands’ steady progress in the implementation and enforcement of internationally assessed and accepted AML/CTF measures. It is also highly significant for the Cayman Islands’ international reputation, and of particular importance in the structured finance sector as the Cayman Islands will again be a permissible jurisdiction for the establishment of securitisation special purpose entities (or ‘SSPEs’) for the purposes of Article 4 of the EU Securitisation Regulation.
Further Assistance
This publication is not intended to be a substitute for specific legal advice or a legal opinion. If you require further advice relating to the matters discussed in this Legal Update, please contact us. We would be delighted to assist.
E: gary.smith@loebsmith.com
E: robert.farrell@loebsmith.com
E. elizabeth.kenny@loebsmith.com
E: cesare.bandini@loebsmith.com
E: vivian.huang@loebsmith.com
E: faye.huang@loebsmith.com
Latest Updates and News
News | 28 January 2025
Loeb Smith Attorneys acts legal advisor to Grit Global Capital Group Limited on new share subscriptions and shareholders arrangements
Hong Kong January 28, 2025 Loeb Smith Attorneys, one of the leading offshore corporate law firms with a strong growing presence in the APAC region, has recently advised investment and securities trading group, Grit Global Capital Group Limited, among other clients, on their new share subscriptions and shareholders...
News | 16 January 2025
Loeb Smith Attorneys advises China Aircraft Leasing Group Holdings Limited, Yue Xiu Securities Holdings Limited and Park Capital Group on various financing, funds and corporate matters
Hong Kong January 16, 2025 Loeb Smith Attorneys, one of the leading offshore corporate law firms with a strong growing presence in the APAC region, has recently acted as special offshore counsel and advised various clients on the different aspects and stages of their transactions and matters, including...
News | 09 January 2025
Loeb Smith Attorneys Advises Alpha Technology Group Limited and Lion Group Holding Ltd in their Share Capital Restructuring
Hong Kong (January 9, 2025) Loeb Smith Attorneys, one of the leading offshore corporate law firms with a strong growing presence in the APAC region, has recently advised Alpha Technology Group Limited (Nasdaq: ATGL), a British Virgin Islands company, and Lion Group Holding Ltd (Nasdaq: LGHL), a Cayman...
News | 02 December 2024
Loeb Smith has been ranked amongst Top 30 Asia’s Fastest Growing Law Firms in 2024 by Asia Legal Business
Hong Kong (December 2, 2024) - We are very pleased to announce that our Firm has been recognised in The ALB Fast 30 list for a second year in a row.
