Judicial administration hosts anti-money laundering lecture

Anti-Money laundering 

The judicial administration is presenting a lecture by William Gilmore, emeritus professor of international criminal law at the University of Edinburgh, Scotland under the title “The Financial Action Task Force and the International Community: Revised Standards and New Challenges”. 

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. 

The lecture will focus on the challenges posed for all countries by the recent amendments to the FATF standards and changes to the process of evaluation of compliance with those standards.  

This third lecture in the annual series
will take place on Tuesday, 6 August at 4pm in Court 1 of the main courts
building in George Town. The organisers are inviting private-sector
professionals in relevant fields, legislators and public servants with special
interest in the subject to attend. 

Announcing this year’s speaker, Cayman Islands Chief Justice Anthony Smellie said the initiative is sponsored by the judiciary to promote the understanding and development of the law and issues affecting the administration of justice.  

Mr. Gilmore was dean and the head of the Edinburgh Law School between 2004 and 2007. His major research interests include the evolution of international measures to combat money laundering and the financing of terrorism. 

Professor Gilmore has been the legal adviser and scientific expert to the FATF regional body for Europe, MONEYVAL, since its creation in 1997. MONEYVAL refers to the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, a monitoring body of the Council of Europe. 

As adviser to MONEYVAL, Mr. Gilmore has been involved in the evaluations of several countries relating to compliance with FATF standards. The most recent have been the evaluations of the Vatican City State and Israel, now under way. He has acted as a consultant on anti-money laundering issues to international and regional organisations and to several governments and national parliamentary bodies, including the House of Lords. 

Mr. Gilmore has been a frequent visitor to the Cayman Islands during the past 20 years, and has been a member of the board of directors of the Cayman Islands Monetary Authority since 2006. 

Early in his career, he was a lecturer in law at the University of the West Indies in Barbados. In the 1990s, he was for several years assistant director of the legal division and head of the Commercial Crime Unit of the Commonwealth Secretariat at Marlborough House in London.  

An inter-governmental body, the FATF was established in 1989 by the ministers of its member jurisdictions. The Cayman Islands is a member of the CFATF, the Caribbean Financial Action Task Force, which is an associate member of the FATF and committed to implementing its standards.