The Legislative Assembly is back in session Wednesday with a raft of new financial services legislation under consideration.
The majority of the 15 bills scheduled for debate seek to address gaps in the Cayman Islands’ regulatory framework identified in a recent report from the Caribbean Financial Action Task Force.
The report was critical of how Cayman’s anti-money laundering and counter financing of terrorism regime works in practice.
A handful of unrelated bills, including changes to the Public Lands Law and the Public Service Pensions regime, are also up for debate.
Despite the lengthy list of legislation, the sessions is expected to last only three days.
Financial Services Minister Tara Rivers said in a statement last week that the new legislation was important to help solidify Cayman’s global reputation.
Minister Rivers said, “The government is committed to addressing the recommendations outlined in the CFATF fourth round mutual evaluation report to further cement our standing as a responsible and responsive jurisdiction in the global fight against money laundering and terrorist financing.”