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Update on the Removal of the Cayman Islands from the FATF's List of Jurisdictions Under Increased Monitoring
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. Please see full Advisory below for more information.
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Cayman Update: Transfers of insurance business without approval by CIMA in breach of Section 31 of the Insurance Act, 2010 are void ab initio
On 17 May 2023, the Honourable Justice Sir Anthony Smellie KC held in Premier Assurance Group SPC Ltd. (in Official Liquidation) v Providence Insurance Company I.I (for and on behalf of Premier Assurance Segregated Portfolio Puerto Rico SAP) and others that a transfer of insurance business made in breach of the requirement to obtain approval from the Cayman Islands Monetary Authority ("CIMA") pursuant to Section 31 of the Insurance Act, 2010 (the "Insurance Act") was void ab initio and of no legal effect. Please see full Update below for more information.
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- Cayman Islands Special Economic Zone Companies
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