Cayman prepares for AML evaluations

Officials from the Cayman Islands
Monetary Authority, Financial Reporting Authority, Financial Services
Secretariat and the Legal Department travelled to El Salvador recently to
prepare for an upcoming round of anti-money laundering evaluations.

They were at a pre-assessment
workshop from 19 to 23 July hosted by the Caribbean Financial Action Task Force
and designed to prepare member countries for the fourth round of mutual
evaluations in 2012. The workshop was sponsored by the International Monetary

The Cayman Islands completed its
third-round evaluation in June 2007. The assessors found that overall there was
a strong compliance culture through proactive cooperation with the authorities
in implementing anti-money laundering and counter financing of terrorism

Since that time, the relevant
Cayman Islands Government authorities have done considerable work to implement
the Task Force’s recommendations and are actively monitoring global developments
to ensure that Cayman stays at the forefront of international standards.

Delegates heard from experts in
financial crime legislation, anti-money laundering and counter financing of
terrorism compliance and financial intelligence and investigation. The presenters
also identified areas that should be reviewed in order to determine whether
improvements are needed prior to future visits by the Task Force.

Deputy Head of the Policy and
Development Division Francis Arana, who acted as a financial examiner during the
third round of Task Force mutual evaluations, noted that the workshop
highlighted areas that will be given a higher degree of prominence during the
fourth round of evaluations.

“The overwhelming message received
was that jurisdictions will need to demonstrate tangible evidence of effective
implementation of the 40 plus 9 Recommendations during the fourth round,” said
Mr. Arana.