News & Analysis as of September 23, 2024

European Union › FATF

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Regulatory monitoring - August 2024

A&O Shearman on 9/4/2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

South Africa M&A regulation: Adapting to change

White & Case LLP on 8/22/2024

A peaceful election and slowing inflation have put M&A markets in South Africa in a more advantageous position. However, taking advantage of South African deal opportunities requires a clear understanding of a rapidly...more

केमैन आइलैंड का EU की एंटी-मनी लौंडरिंग सूची से बाहर निकलना

Conyers on 5/21/2024

केमैन आइलैंड को EU की एंटी-मनी लौंडरिंग सूची से बाहर निकालने की पूरी तैयारी हो चुकी है। यह कार्रवाई वित्तीय एक्शन टास्क फोर्स (Financial Action Task Force, FATF) निगरानी समूह के 27 अक्तूबर 2023 के फैसले के बाद और फिर उसके बाद...more

Regulatory & Risk Advisory Review: Cayman Islands – January to March 2024

Conyers on 5/1/2024

Welcome to the first instalment of 2024 of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of updates in the first quarter of the year. Perhaps most notably is the...more

Key Regulatory Topics: Weekly Update 8 - 14 Mar 2024

A&O Shearman on 3/20/2024

There were some key publications this week in relation to financial crime, including a Commission request for the EBA to advise on standards and guidelines under the future AML/CFT framework in Europe and, in the UK, an HMT...more

Key Regulatory Topics: Weekly Update 23-29 Feb 2024

A&O Shearman on 3/6/2024

Amongst the broad range of updates this week, at international level, the FSB published its thematic peer review on MMF Reforms and the BCBS published the outcomes of its meeting held on 28 and 29 February, including that it...more

Regulatory & Risk Advisory Outlook 2024: Cayman Islands

Conyers on 2/15/2024

2023 was an active year for the Cayman Islands regulatory industry. While we have endeavoured to keep you updated throughout the year with our Regulatory & Risk Advisory Reviews, our team has highlighted below the key changes...more

Caymans come off AML risk lists, signaling robust controls

Walkers on 2/9/2024

Associating the Cayman Islands with money laundering has been a staple of film and television, from "The Firm" in the 1990s to, more recently, "Better Call Saul." However, scriptwriters may need to find another location...more

Cayman Islands Removal from the EU Anti-Money Laundering List

Conyers on 2/9/2024

The Cayman Islands is now set to be removed from the EU anti-money laundering (AML) list. This action follows the decision of the Financial Action Task Force (FATF) monitoring group on 27 October 2023 and subsequent removal...more

EU Securitisation Regulation: good news for Cayman SSPEs

A&O Shearman on 1/22/2024

As the EU removes the Cayman Islands from the EU AML/CFT blacklist with effect from 7 February 2024, concerns and barriers for EU sell- and buy-side parties on securitisations involving Cayman SSPEs fall away....more

Welcome to 2024: CWT’s European Fund Finance Market Insights January 2024 - Cayman Moves Closer to a List-Free Summer!

Cadwalader, Wickersham & Taft LLP on 1/8/2024

The Cayman Islands recently received an early Holiday gift when the EU Commission published a regulation in mid-December paving the way to remove Cayman from its list of ‘high-risk’ countries for AML/CFT purposes. The...more

Regulatory monitoring: EU version - November 2023

A&O Shearman on 12/4/2023

1. Bank regulation - 1.1 Prudential regulation - The ESRB has published a speech by Christine Lagarde, President of the ECB and Chair of the ESRB, on its first general warning about financial stability risks that it published...more

Regulatory & Risk Advisory Review: Cayman Islands – August to October 2023

Conyers on 11/22/2023

Welcome to the third instalment of our Cayman Islands Regulatory & Risk Advisory Review. As we cover in this issue, there have been a number of exciting developments, including the welcome news of the Financial Action Task...more

EU Regulatory Technical Standards on Risk Retention Finalized

Dechert LLP on 11/8/2023

After years of waiting and multiple drafts, the final version of the EU Regulatory Technical Standards on risk retention was published in the Official Journal of the European Union on 18 October 2023. In addition, we have...more

FATF Removes Cayman Islands from Grey List

Conyers on 11/8/2023

Oct 2023 This decision was announced on 27 October at the closing of the FATF’s plenary meetings in Paris, France. The FATF announcement confirmed that the Cayman Islands maintains a robust and effective anti-money...more

The Economic Impact of FATF Grey-Listing

White & Case LLP on 10/31/2023

The Financial Action Task Force ("FATF") is the global standard-setter on anti-money laundering ("AML"), countering terrorist financing ("CFT") and counter proliferation financing. FATF's standards, also referred to as...more

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring - Update

Walkers on 10/30/2023

Following the conclusion of the most recent plenary of the Financial Action Task Force ("FATF") on 27 October 2023, the FATF has announced that the Cayman Islands has been removed from the FATF's list of "jurisdictions under...more

Summertime Reflections July 2023 - Cayman Islands Achieves Significant Milestone in Removal Process from ‘AML Grey List’

Cadwalader, Wickersham & Taft LLP on 7/7/2023

While the Cayman Islands’ current inclusion on the FATF “Grey List” and the EU “Black List” for AML purposes is not of material relevance to transactions in the fund finance world, the Cayman Islands recently received some...more

Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring

Walkers on 6/28/2023

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...more

Earthquakes in Syria and Türkiye: Safeguarding Urgently Needed Charitable Assistance

K2 Integrity on 4/25/2023

During K2 Integrity’s 14 March webinar, panelists Chip Poncy and Mohammed Alaa Ghanem discussed the assistance required in Syria and Türkiye in the wake of the 6 February earthquakes; gave an overview of sanctions imposed on...more

Bermuda Regulatory Outlook 2023

Conyers on 4/3/2023

An old adage says that the only things in life that are certain are death and taxes. We think regulatory changes can surely be added to that list. A number of regulatory updates will affect Bermuda entities this year, and we...more

Sanctions and Related Action Announced on the First Anniversary of Russia’s Invasion of Ukraine

K2 Integrity on 3/31/2023

On the first anniversary of Russia’s invasion of Ukraine, the United States (U.S.), the European Union (EU), the United Kingdom (UK), the Group of Seven (G7), the Financial Action Task Force (FATF), and other authorities...more

Myanmar Sanctions – A Last Resort Against a Non-Cooperating Country

Sheppard Mullin Richter & Hampton LLP on 10/24/2022

On October 21, 2022, the Financial Action Task Force (FATF) officially moved Myanmar onto the agency’s blacklist, where it joins Iran and North Korea, the only other two listed countries. It is likely that the United States...more

FATF Compliance - EU Confirms No Additional AML-CFT Measures for Cayman

Conyers on 7/29/2022

The Cayman Islands recently introduced measures to further improve its technical compliance with the 40 Financial Action Task Force (“FATF”) recommendations relating to anti-money laundering and countering the financing of...more

Four major changes to corporate transparency in 2022

White & Case LLP on 4/5/2022

There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...more

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European Union › FATF

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