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Places in News – Cayman Islands

October 30, 2023

Context:

The Financial Action Task Force (FATF) has removed offshore tax haven Cayman Islands from its ‘grey list’. Besides Cayman, Panama, Jordan, and Albania have been removed from the list.

What is FATF?

It is an intergovernmental organization that designs and promotes policies and standards to combat financial crime.
Mandate: Recommendations created by the FATF target money laundering, terrorist financing, and other threats to the global financial system.
Origin and Headquarters: Created in 1989 at the behest of the G7 and is headquartered in Paris

About Cayman Islands

It is a British Overseas Territory located in the Western Caribbean Sea.
The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica.
It has a low-lying geography with coral reefs.
Economy: It has a mixed economic system, and the islands are a thriving offshore financial center.

News Source: Business Standard

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