Government has updated a plan to strategically address the Cayman Islands’ risks from money laundering and the financing of terrorism and proliferation of weapons of mass destruction.
The updated strategy, which already has been implemented, builds upon Cayman’s previous 2017 strategy and is available on the government’s Anti-Money Laundering Unit’s website.
The Cayman Islands Anti-Money Laundering and Counter Terrorist Financing Strategy 2019-2022 covers six core themes:
Updated laws and regulations – They include an improved legal and regulatory framework with amendments to the Proceeds of Crime Law; Anti-Money Laundering Regulations, Terrorism Law; and Proliferation Financing (Prohibition) Law, among others.
Risk-based supervisory framework – To implement a comprehensive risk-based supervisory framework, regulators have enhanced their methodologies to ensure they can identify, among the entities they supervise, the ones that are most vulnerable to being misused for money laundering, terrorist financing and proliferation financing, the Ministry of Financial Services said in a press release. More resources have been devoted to those areas of greater risk. In addition, Cayman has conducted several risk assessments, including a review of terrorist financing risks, certain registrants under the Securities Investments Business Law, and risks of non-profit organisations.
Stronger investigations and enforcement – To strengthen capabilities in intelligence, investigations and enforcement, the Royal Cayman Islands Police Service has established an Interim Pro-active Task Force and will soon open a permanent Bureau of Financial Investigations. The Financial Reporting Authority has implemented systems that allow anyone to sign up via the FRA’s website to receive updates on lists of targeted financial sanctions.
Better cooperation and coordination – The Financial Crime Focus Group; the Proliferation Financing Interagency Group; and the Supervisor’s Forum have been established to ensure domestic cooperation and coordination in the areas of pro-active investigations.
International cooperation – Supervisors and law enforcement agencies have implemented enhanced policies and procedures to request assistance and seek feedback from their overseas counterparts to improve international cooperation.
Public awareness – Government and supervisory agencies have organised events and public-awareness initiatives in the media to ensure that businesses in Cayman are up to date on their anti-money laundering responsibilities. In addition, Cayman’s Anti-Money Laundering Unit is planning to launch a new website.
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