Topic: anti-money laundering
Anti-money laundering specialists launch association in Cayman
The launch of the Cayman chapter of the Association of Certified Anti-Money Laundering Specialists (ACAMS) is an important step to bolstering the islands’ reputation as a transparent jurisdiction, say experts
New law for Cayman churches comes into force
New government regulations to keep churches on the right side of the law have been welcomed by the pastor of a popular church in Cayman.
Following the money: Cayman investigators chase dirty cash in real and virtual worlds
From diamonds and condos to crypto currency and digital tokens, the ways and means to move dirty cash around the global financial system are becoming more diverse and complex every day. For Cayman Islands law enforcement, adapting to those threats is an evolving challenge.
Cayman delegation to gain FATF insight at plenary in France
A Cayman delegation will observe how the Financial Action Task Force evaluates countries at plenary meetings in France this week.
Opinion: Are we falling short on true advocacy for the Cayman Islands financial services...
In the absence of any statistically relevant evidence of tax evasion or money laundering, it is time for a more-assertive approach that challenges the outdated stereotype and presents the Cayman Islands as a transparent, compliant jurisdiction unfairly scapegoated by international critics with their own agendas writes guest columnist, Anthony Travers.
Cayman to be dropped from EU’s money-laundering risk list
The Cayman Islands will be removed on 7 Feb. from the European Union's list of nations with deficits in their anti-money laundering and countering the financing of terrorism regimes.
Cayman removed from UK anti-money-laundering risk list
Following its removal from the global Financial Action Task Force anti-money-laundering list in October, the UK has removed the Cayman Islands from its list of high risk jurisdictions and the European Union is in the process of doing so.
Minister hails ‘tremendous achievement’ as Cayman comes off grey list
Financial Services Minister André Ebanks hailed a "tremendous achievement" for the Cayman Islands following the news Friday that the jurisdiction will be removed form the global Financial Action Task Force's grey list.
Revised law bolsters anti-money laundering efforts
Legislative changes have been approved which will help to boost the fight against money laundering and terrorism financing in Cayman.
Cayman likely to come off money-laundering grey list, but new challenges await
The Cayman Islands should come off the global ‘grey list’ of countries not doing enough to fight money laundering and terror financing by the end of next month, industry leaders have been told.
Cayman one step closer to removal from money laundering ‘grey list’
A working group under the Financial Action Task Force on Friday completed an on-site visit to the Cayman Islands, which Financial Services Minister André Ebanks called a 'consequential step' toward removing the jurisdiction from the FATF grey list.
Maples wins court battle over ‘onerous’ anti-money laundering rules
Financial regulators over-reached in their attempts to enforce ‘onerous’ anti-money laundering regulations on one of Cayman's biggest financial services firms, the Grand Court has ruled.
Legislative changes proposed to strengthen CIMA’s AML enforcement, information sharing
The Ministry of Financial Services has released seven bills proposing to strengthen the Cayman Islands Monetary Authority's (CIMA) powers to apply proportionate and dissuasive sanctions to all types of legal persons under its supervision.
FATF needs to see money-laundering sentencing to delist Cayman
The Financial Action Task Force has expressed concern that the Cayman Islands has not yet fulfilled an agreed action plan to remedy deficiencies in its anti-money laundering regime and said it will consider next steps, if all conditions are not met by June 2023.
Sterling Asset Management allowed to appeal CIMA fine
The Grand Court has granted Sterling Asset Management leave to appeal a $299,050 fine imposed by the Cayman Islands Monetary Authority for the investment management firm’s anti-money laundering (AML) failings.
Despite anti-money laundering progress, FATF delisting will take time
The Cayman Islands will not be removed from the Financial Action Task Force’s grey list of countries with significant deficiencies in their anti-money laundering (AML) regimes before June 2023 at the earliest.
Cayman remains on FATF grey list
The Cayman Islands remains on the Financial Action Task Force's grey list of 23 countries or jurisdictions that are subject to increased monitoring by the global anti-money laundering and terrorist financing watchdog.
CIIPA supports fight against corruption and economic crimes
The International Federation of Accountants (IFAC) launched its Action Plan for Fighting Corruption and Economic Crime in early September with support from professional accountancy organisations, including the Cayman Islands Institute of Professional Accountants.
Minister André Ebanks leads AML delegation to Nicaragua
A government delegation led by the Minister of Financial Services and Commerce, AndréEbanks, will update a Financial Action Task Force (FATF) review group on how the Cayman Islands has improved its effectiveness in fighting financial crimes.
DCI: AML compliance among realtors and jewellers improving
Realtors and dealers in precious metals and stones heard about the specific money laundering risks in their sectors at a Department of Commerce and Investment (DCI) workshop.
Financial services minister leads delegation to EU, UK
Minister of Financial Service André Ebanks is leading a Cayman Islands delegation to the UK and the European Union to continue discussion about global tax cooperation and anti-money laundering.
Bermuda regulator fines Conyers US$2.1 million
The Bermuda Monetary Authority has levied civil penalties of almost US$2.1 million against Conyers Trust Company and Conyers Corporate Services in Bermuda.
Barbados prime minister lashes out at international anti-money laundering regime
Barbados Prime Minister Mia Mottley has criticised the international anti-money laundering regime as disproportionate and discriminatory for small developing countries.
DCI to provide anti-money laundering update for real estate
The AML Risk Management Seminar for realtors and developers will be held at the Grand Cayman Marriott on Monday, 21 March.
Cayman working to be removed from EU anti-money laundering list
The ministry of financial services said it will address any remaining anti-money laundering issues by completing a plan agreed with the Financial Action Task Force.
Cayman to feature on EU anti-money laundering list
Within the next few weeks, the Cayman Islands is going to be included on the European Union’s list of high-risk third countries for money laundering.
Cayman improves technical AML compliance rating
The Cayman Islands has further improved its technical compliance with the 40 Financial Action Task Force (FATF) Recommendations relating to anti-money laundering and countering the financing of terrorism (AML/CFT).
Malta, Philippines join Cayman on FATF grey list
Malta, the Philippines, Haiti and South Sudan have been placed on the Financial Action Task Force’s anti-money laundering grey list.
Anti-money laundering: Finding the right balance
After a CFATF report criticised Cayman’s anti-money laundering framework in March 2019, several professions and businesses found themselves for the first time directly subjected to AML laws and regulations.
CIMA hands out $72,800 anti-money laundering fine to Star Insurance
The Cayman Islands Monetary Authority has fined another Cayman company for breaches of the Anti-Money Laundering Regulations.
SILO and BDO form regtech joint venture
Regulatory technology developer SILO Compliance and accounting firm BDO Cayman have entered into a joint venture.
Anti-money laundering: Cayman is held to a higher standard
The FATF argues that Cayman as a major financial centre should be held to a higher standard, in line with its larger anti-money laundering risks.
Cayman placed on FATF grey list
The Financial Action Task Force has added the Cayman Islands to its grey list of countries whose anti-money laundering (AML) practices are under increased monitoring.
Cayman financial investigators freeze US$200 million
The Cayman Islands Bureau of Financial Investigations has secured court orders freezing US$200 million as part of global anti-money laundering efforts.
Anti-money laundering: CIMA fines Western International $482,000
The Cayman Islands Monetary Authority has fined Western International Trust Company Limited $482,717 for breaches of the anti-money laundering regulations (AMLRs).
Webinar promotes anti-money laundering compliance
An anti-money laundering webinar was held this month as part of efforts to ensure Cayman meets international standards to prevent the illegal practice.
Local experts to present AML training
Angela Mele, founder of RiskPass AML+Compliance Ltd. and Paul Byles, director of FTS, will present an anti-money laundering refresher training session this month for the local compliance and risk-management industry.
Cayman reports anti-money laundering progress to FATF
On the eve of being reassessed by the Financial Action Task Force, the Cayman Islands government said it had made significant achievements in responding to a critical evaluation of its anti-money laundering regime.
Report reveals how criminals launder money after a cyber heist
A new report explores how cyber criminals, who steal from banks, can cash out and launder the money so that it cannot be traced.
Global banks hit with US$5.6 billion in compliance fines in 2020
High-profile scandals and compliance failures in the US, Israel, Northern Europe and Germany have attracted the lion's share of penalties out of the total US$5.6 billion in fines for global financial institutions for non-compliance in the first half of 2020.
Lawmakers pass raft of anti-money laundering bills
Members of the Legislative Assembly have adopted four bills related to Cayman’s regime for anti-money laundering and the countering of terrorism financing. Amendments to the Companies Law and the Limited Liability Companies Law introduce stricter administrative fines for Cayman’s beneficial-ownership regime, and ensure basic regulatory powers are listed on a company register and made available for public inspection.
EU plans anti-money laundering authority, expands blacklist
The European Commission has published a six-point anti-money laundering action plan last week that includes the proposal for a new EU AML authority and better alignment of its third-country blacklist with the Financial Action Task Force list of non-cooperative countries and territories.
Year in review: Cayman addresses anti-money laundering shortcomings
In March of 2019, the Caribbean Financial Action Task Force released a mutual evaluation report that found the Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing.
Cayman fights misuse of business entities
Cayman Islands Monetary Authority and the Anti-Money Laundering Unit hosted a training session on 8 Nov. for business representatives, government and regulators to better identify the risks of misusing legal persons and arrangements, such as companies, partnerships and trusts, for financial crime.
Private and public sectors join to fight financial crime
How to spot professional money laundering, terrorism financing and financial crime involving complex corporate structures were the main topics at the Financial Crime Investigation...
Swedish anti-money laundering expert to support Cayman
Jan Tibbling, the chief public prosecutor at the Swedish Economic Crime Authority, has been seconded to the Cayman Islands to advise government’s coordination team on its response to Caribbean Financial Action Task Force’s negative review of the local anti-money laundering regime.
DCI holds AML workshop for jewellery dealers
The Department of Commerce and Investment hosted a training session for dealers in precious metals and stones on Thursday, 15 Aug
Government reports on anti-money laundering progress
Working relationships between local and public sector agencies are growing stronger as a result of the work by Elisabeth Lees, the national coordinator for the Anti-Money Laundering Steering Group, government stated in a press release.
EU to revive money laundering blacklist with new criteria
The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.
Financial services bills dominate Legislative Assembly agenda
The Legislative Assembly is back in session Wednesday with a raft of new financial services legislation under consideration.
New anti-money laundering regulations come into force May 1
The Department of Commerce & Investment is introducing four new board policies as part of effective anti-money laundering regulation.
Money laundering report finds ‘major deficiencies’ in Cayman
The Cayman Islands has major shortcomings in its ability to analyse and understand the risks from money laundering and terrorism financing. Large money laundering investigations and prosecutions are non-existent and the use of the Financial Reporting Authority to initiate investigations is benign, the latest mutual evaluation report by the Caribbean Financial Action Task Force has concluded.
Government: New anti-money laundering plan under way
Government has responded to what appears to be a damning evaluation of the effectiveness of Cayman’s anti-money laundering framework by launching an action plan that aims to address any deficiencies within a year.
Anti-money laundering officer and related deadlines pushed back
The Cayman Islands Monetary Authority has announced that regulated funds have until Dec. 31 to notify the regulator of the appointment of anti-money laundering officers, and unregulated funds have until the same date to make their AML officer appointments.
Useless anti–money laundering laws
Governments occasionally pass laws with good intent but which backfire because they were poorly thought out and created perverse incentives, making the situation far worse. The current effort to stop money laundering has turned into a disaster for the global poor, who can no longer get bank accounts or easily and legally transfer money (remittances) to their relatives in poor countries.
Cayman officials discuss bank de-risking in the US, Bahamas
Officials from the Ministry of Financial Services and the Cayman Islands Monetary Authority held a second round of talks in Washington, D.C., in December about the danger of U.S. banks severing their business ties with banks in the Caribbean.
Anti-money laundering review to include jewelry, real estate
A bill that will seek to prevent money launderers and terrorist financiers from using non-financial services-related businesses in the Cayman Islands to carry out their illicit deeds is expected to come before lawmakers in the fall, Financial Services and Commerce Minister Wayne Panton confirmed this week.
