The Office for Strategic Action on Illicit Finance (OSAIF) recently hosted a three-day workshop at Hotel Indigo, Grand Cayman that brought together public and private sector stakeholders to review current risks and potential vulnerabilities as part of the 2025-2026 National Risk Assessment.
According to a press release issued by Cayman’s Ministry of Financial Services and Commerce, the assessment is in line with the jurisdiction’s National Strategy for Combating Money Laundering, Terrorist Financing and Proliferation Financing, 2022-2025, which has helped shape Cayman’s preparations for the 5th Round Caribbean Financial Action Task Force Mutual Evaluation in 2027.
The workshop gathered regulators, financial services industry professionals and government agencies. Participants contributed to in-depth discussions on the Cayman Islands’ resilience against money laundering, terrorist financing and proliferation financing.
“This exercise enables us to identify, assess, and truly understand our country’s specific risks,” said Premier and Minister for Financial Services André Ebanks in his opening remarks. “By doing so, we strengthen our ability to prioritise and allocate resources effectively, implement risk-based policies and controls, and safeguard both our reputation and our economic stability.”
Attorney General Samuel Bulgin gave the closing remarks, underscoring the government’s ongoing commitment to protecting the Cayman Islands’ financial system.
OSAIF Director Andrea Proctor said the workshop is part of a phased approach to the National Risk Assessment.
“The first phase of the assessment focused on planning and gathering initial insights to guide the work ahead,” she said. “From now through the end of the year, we will compile identified inherent risks, develop risk profiles, and begin drafting the assessment report.”
The assessment’s phased approach emphasises broad consultation and collaboration across public and private sectors, which ensures it reflects both regulatory perspectives and industry realities, allowing for a balanced and credible understanding of risk, said the release.
Looking ahead, OSAIF will collaborate with Caribbean Financial Action Task Force officials for an on-island training exercise for the public sector this month, focusing on the Task Force’s revised standards and methodology.
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