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Malta, the Philippines, Haiti and South Sudan have been placed on the Financial Action Task Force’s anti-money laundering grey list.
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.
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.
The Cayman Islands Bureau of Financial Investigations has secured court orders freezing US$200 million as part of global anti-money laundering efforts.
An anti-money laundering webinar was held this month as part of efforts to ensure Cayman meets international standards to prevent the illegal practice.
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.
Cayman’s regulatory framework for service providers in the virtual asset space entered into force on 31 Oct. with the first of two phases.
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.
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.
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.
Brace yourselves: Another external “analysis” of Cayman’s offshore industry is coming, and the news is not expected to be good. Quelle surprise.