September 17, 2019

Cayman: Stronger stakeholder relationships a focus on CFATF progress

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GRAND CAYMAN (GIS) – Working relationships between local public and private sector agencies combatting money laundering and terrorist financing are growing stronger, thanks to ongoing work by National Coordinator for the Anti-Money Laundering Steering Group (AMLSG) Elisabeth Lees. Appointed to co-ordinate the Cayman Islands response to recent recommendations by the Caribbean Financial Action Task Force (CFATF) […]

Cayman: Statement on progress against CFATF recommendations by Premier

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Statement on Progress against CFATF Recommendations By Premier Hon. Alden McLaughlin, MBE, JP, MLA 24 July, 2019 Mr. Speaker support for the Cayman Islands Financial Services Industry remains one of the key priorities for this Government. The conditions that attracted financial services providers to these shores still underpin our success today – our adherence to […]

CFATF anti-money laundering requirements to cost Cayman millions

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From International Investment The Cayman Islands will have to spend millions of dollars in more law enforcement officers, government officials and training to meet the anti-money laundering requirements set forth by the Caribbean Financial Action Task Force (CFATF). The jurisdiction was forced to come up with a “comprehensive action plan” to address shortcomings and avoid […]

Cayman Islands committed to CFATF progress

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Responding to the recently published Caribbean Financial Action Task Force (CFATF) Fourth Round Mutual Evaluation Report on the Cayman Islands, Premier Alden McLaughlin said: “The Cayman Islands remain fully committed to upholding the highest global standards on money laundering and terrorist financing. Our anti money laundering and counter financial terrorism action plan will send a […]

The Editor speaks: 274 Page Mutual Evaluation Report

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If I was to tell you I have read the very recently published Mutual Evaluation Report on “Anti-money laundering and counter-terrorist financing measures” you would know I was lying. It is 274 pages to wade through. It went live yesterday (18) on the government website : https://www.cfatf-gafic.org/index.php/documents/4th-round-meval-reports. We received the Press Release early this afternoon. […]

No timeline in sight for Cayman Islands’ blockchain-specific regulations

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By Christopher Copper From International Investment The government of the Cayman Islands has yet to formalise a timeframe for introducing much-needed legislation for the Caribbean jurisdiction’s increasingly successful blockchain sector, a conference heard yesterday. Cayman-registered blockchain companies are among the fastest-growing anywhere in the world, with upwards of £4.2bn raised from initial coin offerings (ICOs, […]

Head of regional anti-money laundering body to deliver keynote presentation at Cayman Islands financial services seminar

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The head one of the world’s most important anti-money laundering organisations will be speaking at a financial services seminar in Cayman on August 29th; FTS’ AML/CFT best practices for Cryptocurrenices and ICOs seminar. Ms. Dawne Spicer, Executive Director of the CFATF, the regional arm of the FATF and the global standard setting body on anti-money […]

Bahamas Insurance Chair fears regulatory ‘Overshoot’

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By NEIL HARTNELL From Tribune 242 Bahamian insurers remain concerned that proposed anti-money laundering reforms risk “overshooting and putting us at a competitive disadvantage as a jurisdiction”. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, told Tribune Business that plans to define property and casualty (general) insurers as financial institutions under the Financial Transactions Reporting […]

Non-profits will avoid company fees in Cayman Islands under new law

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As of Tuesday, 1 August, businesses that operate as charities can be categorised as non-profit organisations (NPOs), which will allow them to avoid substantial fees. The new Non-Profit Organisation Law, 2016, also forms part of Cayman’s preparations for the December 2017 evaluation of our regime to counter money laundering and terrorist financing. ‘Once commenced, it […]

Cayman Islands Attorney General issues update on Mutual Evaluation Preparations

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The Attorney General’s Chambers today (Wednesday, 26 April 2017) released findings from the Cayman Islands first National Money Laundering and Terrorist Financing Risk Assessment (NRA). The main results of the assessment were released to the financial industry just ahead of the general public on Tuesday (25 April). Publication of the information is intended to inform […]