August 20, 2019

Cayman: DCI hosts anti-money laundering capacity building workshop

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The Department of Commerce and Investment (DCI) in the Ministry of Commerce, Planning and Infrastructure will host an anti-money laundering and counter terrorist financing capacity building workshop for dealers in precious metals and stones at the Government Administration Building, Room 1038, on Thursday, August 15, from 5:00 p.m. to 7:00 p.m.

The workshop is aimed at assisting businesses dealing in precious metals and stones in the Cayman Islands to become compliant with international standards and anti-money laundering and counter financing of terrorism laws and regulations.

Hon. Joseph Hew, Minister of Commerce, Planning and Infrastructure, who attended a similar workshop organised by DCI in May this year, has underscored the importance of the event. “These workshops are important in supporting the wider anti-money laundering and counter-terrorist financing efforts in the Cayman Islands. We have been under the microscope when it comes to these efforts and so the Ministry through DCI is making resources available for dealers in precious metals and stones, as well as other groups, to get vital information needed to understand how they can meet international obligations.”

Some of the topics to be covered at the workshop include understanding money laundering and terrorist financing risks, setting up an anti-money laundering and counter terrorist financing framework and conducting risk assessment of business.

Registration for the workshop is still open. Interested stakeholders can send an email to enforcement@dci.gov.ky.

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