Non-profits learn about money laundering risks

Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.
Cayman Compass is the Cayman Islands' most-trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

The registrar for non-profit organisations (NPOs) addressed dozens of charitable organisations on their money laundering, terrorist financing, targeted financial sanctions and proliferation financing risks at an information session on Thursday, 5 Sept., at the Government Administration Building.

The meeting featured presentations from other government agencies, namely the Anti-Money Laundering Steering Group, the Financial Reporting Authority and the Financial Crime Investigations Unit within the Royal Cayman Islands Police Service.

As of 1 Sept., there were more than 450 churches, sports clubs, philanthropic organisations and community groups registered with government. These entities, including charities, fall within the scope of the Non-Profit Organisations Law, 2017, which was enacted in accordance with international standards to strengthen the Cayman Islands anti-money laundering regime.

Paul Inniss, the head of compliance at General Registry, said, “Based on their unique purposes and activities, these NPOs were invited in for this targeted outreach session to educate them on these risks.

“This session will help these NPOs to fulfill their administrative duties in compliance with local laws and global standards for anti-money laundering, countering the financing of terrorism, targeted financial sanctions and proliferation financing.”

Inniss facilitated the session together with Ben Evans of Financial Transparency Advisors (FTA). The Ministry of Financial Services has contracted FTA to assist with Cayman’s preparations for the 2020 Caribbean Financial Action Task Force review of Cayman’s anti-money laundering and counter terrorist financing regime.

Government is working to address recommendations made in the CFATF’s March 2019 assessment of Cayman’s AML/CFT regime. The jurisdiction is under a one-year observation period by global standard setter, the Financial Action Task Force, which will review the progress made by the Cayman Islands at its June 2020 Plenary.

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  1. There is evidence that certain Muslim and Catholic charities in the USA were fronts for funding ISIS and the IRA.

    Is there any evidence that any of our local charities have ever been involved in handling the proceeds of crime or funded terrorism?

    Fine people, mostly volunteers, are now subjected to this incredible burden of red tape for what appears to be no more than window dressing.