A director of Cayman’s accountants’ body has taken part in the first Caribbean Financial Action Task Force course focused on the specific money-laundering and terrorist financing risks and vulnerabilities associated with accountancy firms in the Cayman Islands
Alfred Tweneboah, the director of regulatory affairs and policy at the Cayman Islands Institute of Professional Accountants (CIIPA), said in a press statement that the Trinidad and Tobago training course enabled him to “share Cayman’s perspective and understand those of our peers in the region”.
“CIIPA is unique in the region in being a self-regulatory body with AML supervisory responsibility, so there was much interest in our experience and approach,” he said
Sheree Ebanks, CIIPA’s CEO, said, “Taking part in regional and international discussions is part of the Cayman Islands’ proactive and transparent approach that demonstrates where we are today – not only complying with international standards, but striving to anticipate the evolving global standards.”
The organisation is the supervisory authority for accountancy firms in Cayman and is responsible for monitoring and ensuring compliance with Cayman’s anti-money laundering rules.
Tweneboah spoke about CIIPA’s supervisory approach at the conference and highlighted potential problems in compliance, monitoring and enforcement, as well as the use of technology.
He said, “Participants were particularly interested in how CIIPA engages with the private sector and our views in the use of third parties in supervision.”
The recent two-day course included Designated Non-Financial Businesses and Professions supervisors from fields such as casinos, lawyers, notaries and other independent legal practitioners and accountants, as well as real estate agents and dealers in precious metals and stones, and included 16 jurisdictions in the region.
Tweneboah said, “We’re all at different stages in the assessment cycle, but by coming together, we strengthen AML/CFT efforts across the region.
“The goal is to ensure that, collectively, the region delivers on its global commitments and responsibilities.”
Tweneboah has also travelled to Mumbai, India, for a Financial Action Task Force private sector forum and Ebanks has delivered a presentation at an Institute of Chartered Accountants of the Caribbean meeting in Miami, Florida.
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