What is the News ?

The Financial Action Task Force (FATF), an inter-governmental body that sets anti-money laundering standards, has removed the offshore tax haven Cayman Islands from its ‘grey list’.

Facts About:

• The Financial Action Task Force (FATF) is an intergovernmental organization that was founded in 1989 as part of the G7's effort to develop laws to combat money laundering.
• Its directive was extended to cover financing of terrorism in 2001.
• Only a few nations are listed in the grey and black lists that the FATF releases.
• To monitor the country's progress in combating money laundering and terrorism financing, a grey list is established.
• Non-cooperative nations are included on a blacklist in an effort to combat money laundering and financing of terrorism.

About the Cayman Islands:

• The Cayman Islands are situated in the Western Caribbean Sea and are a British Overseas Territory.
• Grand Cayman, Cayman Brac, and Little Cayman are the three islands that make up the territory; they are situated northwest of Jamaica and south of Cuba.
• Its topography is low-lying, with coral reefs.
• Economy: The islands are a thriving offshore financial hub, with a mixed economic system.