An anti-money laundering webinar was held this month as part of efforts to ensure Cayman meets international standards to prevent the illegal practice.
The Anti-Money Laundering Steering Group has been hosting webinars to enhance understanding among compliance personnel of risk and red flags associated with offences for money laundering, according to a Government Information Services press release.
The theme of the latest webinar, conducted over Zoom, was ‘Typologies and Red Flags, Money Laundering and Predicate Offences’, which featured the criminal offences of securities fraud, tax crimes and corruption.
The webinar was directed at specific audiences from within the industry, particularly money-laundering reporting officers/compliance officers from financial institutions and designated non-financial businesses and professions, GIS said.
Those taking part had access to a series of sessions and panel discussions, and the opportunity to ask questions.
The sessions covered ‘Foreign Predicates for Money Laundering – The Legal Framework and Securities Fraud’; ‘Risk indicators Relating to Foreign Tax Fraud – Typologies and Red Flags‘; and ‘Corruption as a Foreign Predicate – Typologies and Red Flags’.
Elisabeth Lees, the national coordinator for the Anti-Money Laundering Steering Group, moderated the webinar.
“While the Cayman Islands’ Observation Period by the FATF (Financial Action Task Force) has come to an end, we do not intend to let up with the progress we are making as a jurisdiction in terms of anti-money laundering (AML), countering the financing of terrorism (CFT) and proliferation financing (CPF),” she said in the press release.
“These kind of outreach events are essential to ensure we continue to meet and exceed international standards, by ensuring those persons responsible for compliance have the very latest information, delivered by international specialists in their fields,” Lees added.
In total, 98 people attended the online session. According to a survey conducted after the webinar, over 80% of respondents left with an enhanced understanding of the topics tabled.
In addition, 35% stated that they would review their approach to the risks of money laundering, terrorist financing and proliferation financing faced by their entity as a result of the webinar, and 81% said the content would help them educate others in their organisation.
The final outcome of the Observation Period, which started in February 2019 and concluded on 23 Oct. 2020, is expected to be announced by the FATF in February 2021.