The Financial Action Task Force (FATF) has removed the Cayman Islands and Panama from its ‘grey list’.

The FATF is an intergovernmental organisation that provides standards and frameworks to tackle illicit financial activity globally.

Established in 1989 at a G7 summit in Paris and beginning with 16 member states, the body was initially created to tackle money laundering expanding to combat terrorist financing in 2001.

Now with 39 member states, its reco...