November 21, 2019

Cayman Islands government tables 11 more anti-money laundering Bills to meet FATF demands

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Thursday, 18 July, 2019 From STEP Next week, the Cayman Islands government will present a further 11 Bills to the Legislative Assembly to reinforce its anti-money laundering regime. The legislation is required to meet the recommendations set out in the Caribbean Financial Action Task Force’s (CFATF) fourth round mutual evaluation report, issued in March this […]

Bahamas placed on UK’s money laundering watchlist

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By: Pedro Gonçalves From International Investment The UK has added the Bahamas to its money laundering watchlist, with the HM Treasury now requiring firms to put special procedures in place when dealing with Bahamian resident entities and clients. The British government’s decision follows the recommendations of the international Financial Action Task Force. FATF rated the […]

CARICOM Caribbean Community : Statement by CARICOM

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The Caribbean Community (CARICOM) recognises that global security and financial crime are increasingly intertwined and therefore supports the work of the FATF and its regional bodies in developing international AML/CFT standards to combat money laundering and terrorist financing. Within the Community, our Member States and Associate Members have expended considerable resources towards achieving compliance with […]

New Anti-money Laundering Regulations come into force

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By Patrick Colegrave Harneys From ILO Introduction The government has adopted updated Anti-money Laundering Regulations which came into force on October 2 2017. The regulations demonstrate the Cayman Islands’ ongoing commitment to comply with the highest international standards on combating money laundering and terrorist financing, and aim to ensure consistency with the Financial Action Task […]

CFATF Mutual Evaluation of the Cayman Islands

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As part of the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation process, a team of examiners will be in the Cayman Islands from 4th-15th December 2017 to assess the jurisdiction’s efforts in combating money laundering and the financing of terrorism and proliferation (of weapons of mass destruction). The on-site visit is an opportunity for […]

Cayman Islands: The Anti-Money Laundering Regulations, 2017

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By Martin Livingston, Tim Dawson, Adam Huckle From Maples The Anti-Money Laundering Regulations, 2017 (“AML Regulations“) were gazetted on 20 September 2017 and come into force on 2 October 2017.  The Money Laundering Regulations (2015 Revision) have been repealed and the Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in […]

Cayman Islands DCI seeks input from realtors, precious metal dealers

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From Cayman Islands Department of Commerce and Investment Cabinet on 2 March 2017 designated the Department of Commerce and Investment (DCI) as the Regulator for Designated Non-Financial Businesses and Professions (DNFBPs) in the Cayman Islands. With the Cayman Islands further strengthening regulation of its financial systems, money launderers and terrorism financiers may look to channel […]

Sir Ronald Sanders: The Ire of two Prime Ministers | Sir Ronald Sanders

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By Sir Ronald Sanders From CARIBBEAN360 ST JOHN’S, Antigua, Friday June 9, 2017 – On May 29, two former Prime Ministers and leaders of opposing political parties in Antigua and Barbuda presented their nation’s parliament with one of those rare occasions in which in a fiery debate, they were ‘singing from the same hymn sheet’ […]

Politicians and the Panama Papers

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By José Niño From Cayman Financial Review The recent Panama Papers leak has brought tax havens to the forefront of public policy discussions. Naturally, many individuals and supranational entities have advocated for more stringent regulations on tax havens and tougher Anti-Money Laundering (AML) programs in response to these revelations. Entities such as the Organization for […]

A Caribbean banking agency in the US: a further step to independence

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By Sir Ronald Sanders From Caribbean News Now Caribbean governments, indigenous banks and offshore banks located in the Caribbean are extremely concerned about the withdrawal of correspondent relations from Caribbean banks by banks in the United States of America (US). Caribbean heads of government at a meeting in Belize in February made their concern very […]