Cayman Islands Moves One Step Closer to FATF Delisting
- The decision is subject to successful completion of an on-site visit by the FATF, whose assessors will meet local stakeholders to examine the operation of Cayman's action plan in practice and its sustainability. An on-site visit report will be presented at the next FATF plenary, scheduled for October, at which the Cayman Islands will learn whether it will be delisted. Minister of Financial Services and Commerce André Ebanks stated, "Satisfying all of the 63 recommended actions is a major step towards the Cayman Islands being delisted but, as is the case for other listed countries that met this milestone, there is one more step to complete, and all relevant stakeholders need to remain focused.”
The International Monetary Fund Reported on the Regulation and Use of Digital Currencies in Latin America and the Caribbean.
- In a June 22 report on Latin America and the Caribbean, the IMF pointed to various approaches taken by local governments in addressing the adoption of cryptocurrencies and central bank digital currencies, or CBDCs. The IMF said Brazil, Argentina, Colombia and Ecuador — whose governments’ regulation of crypto was “in progress” — ranked among the highest countries in the world for the adoption of digital assets in an effort to help the unbanked, send faster and cheaper payments, and more. “If well designed, CBDCs can strengthen the usability, resilience, and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean],” said the IMF.