Government tweaks Monetary Authority Law definitions

The Legislative Assembly

Legislators amended the definition of the term ‘money laundering regulations’ in the Monetary Authority Law on Wednesday.

It is one of many legislative changes expected to come in response to the recently published critical evaluation of Cayman’s anti-money laundering framework by the Caribbean Financial Action Task Force (CFATF).

Minister of Financial Services Tara Rivers explained that recent discussions between her ministry, the Attorney General’s Chambers and the Anti-Money Laundering Unit had identified “a lacuna in the definition of ‘Money Laundering Regulations’ in the Monetary Authority Law”.

The existing definition only referenced Section 201 of the Proceeds of Crime Law but not Section 145, which gives Cabinet the power to issue money laundering regulations.

The approved bill rectifies this by including a reference to Section 145 of the Proceeds of Crime Law in the definition of money laundering regulations in the Monetary Authority Law.

Minister Rivers said the government is committed to doing everything necessary to ensure a regime that supports a sound global financial industry.

“Of course, during the course of the year, there may be a need to address other issues that we have identified as a jurisdiction and also [issues] that may be emanating from the recent CFATF report,” she added.