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Topic: Financial Action Task Force
The Cayman Islands Bureau of Financial Investigations has secured court orders freezing US$200 million as part of global anti-money laundering efforts.
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.
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.
The Financial Action Task Force issued new guidelines on Friday, including a requirement that virtual asset service providers (VASPs), such as crypto exchanges, will have to pass on customer information when transferring funds between firms.
A new task force has been established to proactively investigate money laundering and terror financing in the Cayman Islands.
A report on the Financial Action Task Force’s recent review of Cayman’s defenses against terrorist financing and money laundering will likely be released next month, and the results will not be positive, according to Premier Alden McLaughlin.
With the Financial Action Task Force set to evaluate Cayman’s safeguards against money laundering and terrorist financing in less than two months, the Department of Commerce and Investment held a workshop on Thursday to let designated non-financial businesses know their reporting obligations.
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.
I would be grateful if you could publish this letter to clarify and correct two key points made in your editorial of March 8.
The Financial Action Task Force has called on the governments of the 20 largest economies to issue a public commitment to meet FATF standards on beneficial ownership. “The challenge today is not the lack of international standards to improve transparency. The challenge lies in the effective implementation of these measures,” the FATF said.
Cayman’s financial services industry, financial regulators and the territorial government are bracing for a mid-2017 review of anti-money laundering regimes.
The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014.