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Topic: Banks and Trust Companies Law
The Monetary Authority (Amendment) Law, 2016 gives the Cayman Islands Monetary Authority power to impose administrative fines. The law passed on Oct. 24 and was gazetted on Nov. 23 but is not yet in force. No commencement date has been set.
Cayman Islands lawmakers approved legislation Wednesday that will register and regulate nonprofit organizations, in a bid to prevent such groups potentially being used as cover for illegal activities such as money laundering or terrorist financing. Financial Services Minister Wayne Panton said there were no instances reported locally in which charities were used to such an end.