The Cayman Islands and Senegal have been invited to the table for discussions of the Financial Action Task Force, the global money-laundering and terrorist-financing watchdog.

The two countries have been invited under the Regional Bodies Guest Initiative, announced yesterday to provide under-represented jurisdictions access to the organisation’s plenary sessions for a year.

The FATF sets international standards that aim to prevent money laundering and the financing of terrorism. It names and shames jurisdictions that have weak measures in place to fight against global crimes.

It was just a year ago this month that Cayman was removed from the intergovernmental body’s grey list of countries subject to close scrutiny over money laundering and terror financing.

Senegal was expected to win a vote from the FATF this week to be removed from the same list.

But on Wednesday it was announced that a special initiative of the new FATF president, Elisa de Anda Madrazo, from Mexico, sought more input from those under-represented on the FATF membership.

The two countries will participate directly in meetings and working groups for the next year.

There are only 37 FATF member countries, including Britain, Canada and the United States, and consultation also includes two regional organisations — the European Commission and the Gulf Co-operation Council.

The Cayman News Service quoted Cayman financial services minister André Ebanks: “This is a profound moment for the Cayman Islands as we have been invited to participate in FATF proceedings at the behest of the new FATF president.”

He said: “For the Cayman Islands to have its own seat at the FATF table and be recognised as a country capable of having a presence alongside the likes of G20 countries speaks volumes of our current international standing.

“It also speaks volumes of the considerable steps taken by the FATF towards inclusivity and diversity. We express sincere gratitude to FATF president De Anda.”

CNS reported that the minister is in Paris as part of a Cayman Islands government contingent that includes the attorney-general, other government officials and representatives of its monetary authority.