At the October 2024 Plenary, the FATF announced its first Regional Bodies’ Guest Initiative. The objective is to increase the voice of countries from FATF-Style Regional Bodies (FSRBs) that have none or few FATF countries as members. The Cayman Islands was one of the first two jurisdictions, along with Senegal, that were invited to participate in the Initiative. FATF President, Ms. Elisa de Anda Madrazo, made the announcement on October 23rd, 2024, during her inaugural Plenary and Working Group Meetings in Paris.
Under this Initiative, the Cayman Islands and Senegal will participate directly in meetings and Working Groups for one year. It is part of a broader objective to strengthen cohesion in the global network and represents significant progress on FATF’s priority to increase its inclusivity and broaden the diversity of perspectives at the FATF.
At the meeting, the Cayman Islands was represented by the Deputy Premier and Honourable Minister for Financial Services and Commerce, Mr. André Ebanks, the Honourable Attorney General Mr. Samuel Bulgin and four others in the delegation. Minister Ebanks stated that “this is a profound moment for the Cayman Islands as we have been invited to participate in FATF proceedings at the behest of the new FATF President.” He further added, “for the Cayman Islands to have its own seat at the FATF table and be recognised as a country capable of having a presence alongside the likes of G20 countries, speaks volumes of our current international standing. It also speaks volumes of the considerable steps taken by the FATF towards inclusivity and diversity. We express sincere gratitude to FATF President de Anda [Madrazo].”
At a pre-plenary meeting between the Cayman Islands delegation and the FATF President and her team, the Honourable Attorney General expressed his thanks to the President on behalf of the jurisdiction. He observed that whilst it was a gesture in recognition of the Cayman Islands, it also reflected very well on the CFATF and its members. He pledged the Cayman Islands’ continued leadership in enhancing the work of the global network within the region.
In addition to Minister Ebanks and Attorney General Bulgin, the Cayman Islands was represented by the Head of the Anti-Money Laundering Unit within the Attorney General’s Chambers, Mr. Francis Arana; Cayman Islands Monetary Authority’s (CIMA’s) Managing Director, Ms. Cindy Scotland; Head of CIMA’s Anti-Money Laundering Division, Ms. Judiann Myles; and Director of the Regulatory Affairs Unit within the Ministry of Financial Services and Commerce, Ms. Andrea Proctor.
Photo: Members of the Cayman Island and Senegal delegations with FATF President, Ms. Elisa de Anda Madrazo