International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Friday, March 22, 2019

Cayman Islands Responds to Evaluation Deficiencies in its Money Laundering Prevention

The Cayman Islands is committed to the implementation of international standards on Anti-Money Laundering (AML) and the Countering the Financing of Terrorism (CFT) as set out in  the Financial Action Task Force (FATF) Recommendations. In the Cayman Islands, we are constantly refining the regulatory regime to address emerging threats and vulnerabilities.
Although we have made significant progress, the Government recognizes the need to take ongoing measures to update the AML/CFT regime to address the full range of risks relating to money laundering, the financing of terrorism and proliferation to the Cayman Islands and to communicate its strategy to relevant stakeholders.

The goals identified in the Strategy arise out of a year-long evaluation of the risks identified in the NRA
and an assessment of the measures to be taken to address them. The goals include:

  • Enhancing the jurisdiction’s AML/CFT legal and regulatory framework;
  • Implementing a comprehensive risk-based supervisory framework;
  • Strengthening of sanctions, intelligence and enforcement;
  • Enhancing domestic cooperation and coordination;
  • Ensuring an efficient and effective system for international cooperation; and
  • Raising AML/CFT awareness among all stakeholders and the general public.

Download Full Cayman Response to CFATF Evaluation

Download Cayman National Risk Assessment for Money Laundering

https://lawprofessors.typepad.com/intfinlaw/2019/03/cayman-islands-responds-to-evaluation-deficinecies-in-its-money-laundering-prevention.html

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