Topic: FATF
Cayman’s beneficial ownership model seeks to balance several pressure points
The Cayman Islands seeks to achieve this balance through broad registration obligations coupled with a controlled access regime based on legitimate interest.
Cayman hosts sanctions forum ahead of UK FATF presidency
In early March, the Cayman Islands became the first British Overseas Territory to host the UK government’s key sanctions forum.
Premier right to reject suggestions to make beneficial ownership registers public
The Premier, the Hon. André Ebanks, is right in principle, and legally, to reject further suggestions that beneficial ownership registers in the Cayman Islands be available to the public at large.
Santander closes Cayman resident’s UK bank accounts
A recent dispute between a Cayman resident and Santander UK revealed the bank considers Cayman a financial crime risk.
Attorney general defends Cayman’s record on asset recovery
Attorney General Samuel Bulgin insists Cayman is doing all it can to go after the ill-gotten gains of criminals, despite a seven year delay in seizing funds from convicted fraudster Canover Watson.
Compliance costs drive corporate service consolidation
Chartered Financial Partners’ acquisition of McGrath Tonner Corporate Services Limited shows how increased regulatory burden is forcing deals in the corporate service sector.
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
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.
Gaps in law to be closed to protect churches
Cayman law is to be changed to protect churches from the risk of money laundering and terrorist financing as part of a drive to...
Convicted football official claims ‘grey list’ influenced money laundering case
A former banker and football administrator convicted of fraud and money laundering has filed a formal complaint alleging “conflict of interest” from prosecutors in his landmark Cayman Islands case.
Cayman to get ‘seat and voice’ at table with global money laundering watchdog
The next time world leaders sit down to discuss anti-money laundering black lists, Cayman will have a seat at the table.
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.
Snapshot of 2023: Cayman gets off the ‘grey list’
In October, Financial Services Minister André Ebanks hailed a “tremendous achievement” for Cayman, following news that the jurisdiction would be removed form the global Financial Action Task Force’s 'grey list'.
‘Grey list’ removal safeguards Cayman’s financial future
Coming off the ‘grey list’ was a critical step that will help safeguard the Cayman Islands government’s ability to fund the running of the jurisdiction and meet the needs of its people, according to Financial Services Minister André Ebanks.
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.
Cayman money-laundering grey list decision due this week
Financial Services Minister André Ebanks is in Paris, France, this week to find out first hand if Cayman's efforts to combat money laundering have been enough to get itself removed from the Financial Action Task Force grey list.
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.
Transparency law could open up Cayman company ownership information
Companies operating in the Cayman Islands could soon be required to make details of their ‘beneficial ownership’ public under draft legislation published this week.
The...
The issue explained: Why Cayman needs to get off the ‘grey list’
In a special report today, we delve into some of the politics behind the global money laundering grey list and the battle to protect Cayman's image and its economy.
Cayman cops hunt financial crooks and their assets
Cayman Islands financial crime cops are currently investigating dozens of international money laundering cases, seeking to seize assets or prosecute crooks.
Cayman faces final grey list inspection after progress in Paris
The Cayman Islands is eligible to be removed from a global anti-money laundering 'grey list', the president of the global Financial Action Task Force...
D-Day in Paris as Cayman seeks to get off money-laundering ‘grey list’
Cayman Islands officials are in France today to plead the case for the territory to be removed from a ‘grey list’ of countries under increased scrutiny for failing to do enough to fight money laundering and terrorism financing.
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.
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.
Cayman updates FATF on last remaining AML issue
A Cayman Islands delegation has updated a Financial Action Task Force (FATF) review group on local money-laundering investigations and prosecutions, to demonstrate the jurisdiction's capability and capacity for fighting financial crimes.
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.
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.
Walkers Corporate sues ministry in beneficial ownership info dispute
Corporate services firm Walkers Corporate Ltd has filed a suit against the Minister of Financial Services and the Registrar of Companies over request letters sent by the ministry to the company and its clients claiming outdated or incomplete beneficial ownership data.
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: 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.
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.
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.
Regulation of crypto asset services enforced in phases
Cayman’s regulatory framework for service providers in the virtual asset space entered into force on 31 Oct. with the first of two phases.
Regulatory framework for virtual asset services adopted
Lawmakers this week passed a package of five bills to regulate virtual asset service providers. The Virtual Asset Service Provider Law, the central piece of legislation in the regulatory framework, demands that digital asset businesses must be registered with the Cayman Islands Monetary Authority.
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.
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.
EDITORIAL – Offshore under microscope again, with no end in sight
Brace yourselves: Another external “analysis” of Cayman’s offshore industry is coming, and the news is not expected to be good. Quelle surprise.
