Home Topics Caribbean Financial Action Task Force
Topic: Caribbean Financial Action Task Force
The Cayman Islands government has issued a proposed legislative framework for virtual asset service providers that seeks to align the crypto space with international anti-money laundering standards.
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.
How to spot professional money laundering, terrorism financing and financial crime involving complex corporate structures were the main topics at the Financial Crime Investigation...
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.
A raft of financial services legislation passed in July will face its first round of scrutiny in less than two weeks, when the Cayman Islands government is scheduled to follow-up with the Caribbean Financial Action Task Force.
Two pieces of legislation that clarify Cayman’s regime for trusts are now in force, after the Private Trust Companies (Amendment) (No. 2) Regulations, 2019 and Trusts (Transparency) Regulations, 2019 were gazetted on Friday, 16 Aug.
The Department of Commerce and Investment hosted a training session for dealers in precious metals and stones on Thursday, 15 Aug
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.
The Legislative Assembly is back in session Wednesday with a raft of new financial services legislation under consideration.
Government is presenting a raft of bills for debate in the Legislative Assembly on Wednesday, 24 July, to address the fallout from the negative assessment of how Cayman’s anti-money laundering and counter financing of terrorism regime works in practice.
The Registrar for NPOs (non-profit organisations) will hold a training session on corporate governance for charitable organisations in the Cayman Islands next week,
Some of the findings of the Caribbean Financial Action Task Force concerning Cayman’s anti-money laundering regime have been blown out of proportion, according Attorney General Samuel Bulgin.
In another piece of legislation dealing with the fallout from the Caribbean Financial Action Task Force’s negative review of Cayman’s anti-money laundering regime, lawmakers approved several amendments to the Proceeds of Crime Law, including a definition of virtual assets for anti-money laundering purposes.
Customs and Border Control officers attended five, one-day training sessions earlier this month to better track and deal with specific kinds of financial crimes that they could encounter at entry and exit points in the Cayman Islands.
A new task force has been established to proactively investigate money laundering and terror financing in the Cayman Islands.
Legislators amended the definition of the term ‘money laundering regulations’ in the Monetary Authority Law on Wednesday.
Two pieces of legislation that clarify Cayman’s regime for non-profit organisations will come into force on April 1. The Non-Profit Organisations (Amendment) Law, 2018 (Commencement) Order, 2019 and Non-Profit Organisations (Registration Application) (Amendment) Regulations, 2019 were gazetted on March 13.
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 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.
Even as our country’s charities ramp up their altruistic activities, Cayman’s lawmakers are bestowing upon the philanthropic community a (to be honest) rather modest gift.
As the Caribbean Financial Action Task Force continues to review Cayman’s defenses against terrorist financing and money laundering, officials from that organization have required government to make legislative changes to come in line with international standards.
A long-anticipated review of Cayman’s anti-money laundering and anti-terrorism financing protections is due to occur next month and Attorney General Samuel Bulgin has warned the territory not to expect an easy pass.
As of Aug. 1, businesses that operate as charities can be categorized as nonprofit organizations, which will allow them to avoid substantial fees. The new Non-Profit Organisation Law, 2016, is part of Cayman’s preparations for the December 2017 evaluation of its regime countering money laundering and terrorist financing.
The Progressives-led coalition government has divided responsibilities for law enforcement agencies among government ministries, one led by the premier and the other by Minister Tara Rivers.
Cayman Islands Premier Alden McLaughlin announced late Monday afternoon that his Progressives-led government was abandoning efforts to pass a version of the controversial Legal Practitioners Bill during the current term, which ends Tuesday.
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.
Cayman Islands lawmakers are set to review and approve an unprecedented number of bills in the Legislative Assembly meeting that begins Tuesday, some of which involve complex, long-standing issues that have been before parliament for more than a decade.
Cayman’s financial services industry, financial regulators and the territorial government are bracing for a mid-2017 review of anti-money laundering regimes.
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.