A government delegation led by the Minister of Financial Services and Commerce, André Ebanks, updated a Financial Action Task Force (FATF) review group on how the Cayman Islands has improved its effectiveness in fighting financial crimes.
The Cayman delegation engaged with the Americas Joint Group (Joint Group), a sub-working group of the FATF’s International Co-operation Review Group (ICRG), during a face-to-face meeting on Thursday, 8 Sept., in Nicaragua.
The face-to-face meeting is part of the process for being removed from the list of jurisdictions that FATF is monitoring for anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
The Cayman Islands was placed on FATF’s list in February 2021, despite meeting 60 of 63 actions recommended by the Caribbean Financial Action Task Force in its March 2019 report on the Cayman Islands’ AML/CFT regime.
Of the three remaining recommended actions that resulted in its listing, one recommended action, concerning effective sanctions by CIMA, was satisfied in June 2021. The remaining two recommended actions are in relation to beneficial ownership; and money laundering investigations and prosecutions.
On beneficial ownership, representatives from the ministry, the Cayman Islands Monetary Authority, and the Registrar of Companies will update the Joint Group. On anti-money laundering prosecutions, the Joint Group will be updated by representatives from the Cayman Islands Bureau of Financial Investigations and the Office of the Director of Public Prosecutions. Representatives from the Anti-Money Laundering Unit within the Attorney General’s Chambers complete the delegation.
A total of five jurisdictions within the Americas are meeting with the Joint Group. Four of these jurisdictions, including the Cayman Islands, are members of the CFATF, which supports the FATF’s work in the Caribbean region.
The Joint Group will report its findings from the review process through the ICRG to the FATF for decision during the FATF Plenary in October. At the end of the plenary, the FATF will make a public statement on the status of jurisdictions on its monitoring list.
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