Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 23 June 2023, the FATF has announced that it has made the initial determination that the Cayman Islands has substantively completed the one remaining item on its action plan. Accordingly, the Cayman Islands is eligible to be removed from the FATF's list of "jurisdictions under increased monitoring" (the "FATF Monitoring List"), subject to successful completion of an onsite visit by the FATF, which is part of the FATF's standard process for removal from the FATF Monitoring List.