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ADAPTING in the face of change BY EBONY MYLES-BERRY
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ncreasing regulatory scrutiny on an international and political front has put the Cayman Islands’ financial services industry under a great deal of pressure. However, as the jurisdiction progresses in strengthening measures to tackle money laundering and terrorist financing and aims to be removed from the FATF monitoring list, the Cayman Islands reinforces its ability to adapt in the face of change and keep its financial sector competitive. “The Cayman Islands’ funds industry continues to face increased pressure and changes in regulatory requirements
from international regulatory and political organisations,” outlines Ebony Myles-Berry, fund director, International Management Services Ltd, “The demand for Cayman Islands financial services could be impacted should the Cayman Islands remain on the Financial Action Task Force (FATF) monitoring list and be included on the European Union’s list of high-risk third countries.” However, she notes the progress made by the Cayman Islands Government and the funds industry to address remaining issues in the AML regime
CAYMAN ISLANDS IN FOCUS | MARCH 2022
puts the jurisdiction in a good position to be removed from these lists soon. “The Cayman Islands are committed to maintain the highest global standards and best practices and are well placed to retain its position as a leading jurisdiction in offshore investment funds,” Myles-Berry emphasizes.
PANDEMIC EFFECT
Like its competitors around the world, the Cayman Islands has had to be nimble in the face of the Covid-19 pandemic and despite the challenges, it fared quite well
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