28.05.2008 It has been revealed recently that the Cayman Islands Monetary Authority (CIMA) was part of the Caribbean Financial Action Task Force (CFATF) team that was dealing with the evaluation of the anti-money laundering and counter-terrorist financing regime of the British Virgin Islands (BVI) in February 2008. The Cayman Islands itself underwent the evaluation process under the CFATF initiative in its 3rd Round Mutual Evaluation in November 2008. Once every 3 years each member of the CFATF undergoes a peer review through the examination.

26.05.2008 On May 23, 2008, Hong Kong and Japan signed Legal Assistance Agreement, which is the arrangement on mutual legal assistance in criminal matters. The document was signed by Hong Kong Secretary for Security Ambrose Lee and Consul-General and Ambassador of Japan Shigekazu Sato. For Hong Kong, the agreement is the 24th one signed with other jurisdictions. Hong Kong and Japan will exchange notes in order to inform each other that their internal legal procedures necessary for the agreement's entry into effect have been completed, and the Legal Assistance Agreement will come into force 30 days after this.

04.05.2008 The European Union has recently excluded Guernsey, Jersey, and the Isle of Man from its money-laundering "white list". "The white list" includes jurisdictions that have satisfactory controls against money-laundering. The three offshore jurisdictions were considered as tax havens that do not deserve a line in a money-laundering "white list" this time. The EU has removed Jersey, Guernsey and the Isle of Man from "the white list" and placed them on an "intermediate" list of financial centres that may meet compliance regulations. The British Virgin Islands and the Cayman Islands have been excluded from "the white list", which means that they have been blacklisted.

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