Seven bills rolled out to tackle AML issues
(CNS): Seven amendment bills to strengthen the powers of the Cayman Islands Monetary Authority (CIMA) and widen the anti-money laundering net have been published in the government gazette. The bills propose changing laws that were passed as far back as 2010 and as recently as 2021 to help the regulator apply “proportionate and dissuasive sanctions” to individuals that fall under its supervision.
The changes were made in consultation with local members of the financial services industry and are now open for wider public consultation. All seven are expected to be presented by Financial Services Minister André Ebanks at the next sitting of parliament.
“Ultimately, they are intended to improve our AML enforcement regime and further strengthen our local and international cooperation,” Ebanks said. “This maintains the integrity of the local and international financial services industry.”
If they pass, the bills will extend CIMA’s sanctions to those in partnerships, exempted liability partnerships (ELPs), limited liability partnerships (LLPs), partners of such partnerships, and unincorporated associations other than a partnership, as well as those concerned in the management or control of such associations.
Amendments to the Monetary Authority Act will also allow CIMA to spontaneously share non-public information of criminal conduct it has uncovered during the course of its duties with an overseas regulatory authority.
The Monetary Authority (Amendment) Bill, 2023 introduces clauses that propose enhancing international cooperation with overseas regulatory authorities, allowing CIMA to provide information, either proactively or upon request, relating to criminal conduct it discovers during the performance of its regulatory functions. The changes also simplify the exchange of information process with the local beneficial ownership competent authority and extend the application of the disgorgement principle to prevent those who breach the law from gaining financially.
See all the bills on the Government Gazettes pages here or the individual bills below:
- Monetary Authority (Amendment) Bill, 2023
- Companies Management (Amendment) Bill, 2023
- Directors Registration and Licensing (Amendment) Bill, 2023
- Insurance (Amendment) Bill 2023
- Money Services (Amendment) Bill, 2023
- Securities Investment Business (Amendment) Bill, 2023
- Virtual Asset (Service Providers) (Amendment) Bill, 2023
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Category: Business, Financial Services, Laws, Politics
Several Carribean countries have distanced relationships with China. Where does Cayman stand?
Much ado about nothing.
Persecute the average man but leave the state sponsored money laundering alone.
Joke.
CIMA is like the fat ass in the bleachers heckling the players on the field then when it’s time for CIMA to deliver it’s one excuse or the other why it won’t happen and blame others for their shortfalls. One things for sure compliance officers will grow in numbers.
Still don’t see SIPL on this list?
All smoke and mirrors tricks by law firms.
They draft the legislation knowing the inbuilt loop holes. secret compartments, backdoors, trapdoors, secret passages that will enable the money laundering, for state and private sector corruption to continue.
Look at HSBC a USA $2 BILLION FINE for laundering $$ BILLIONS of illegal drug money.
In Cayman not one cent collected.
The main players in Cayman continue in senior positions in the financial industry and politics.
This would be a joke if it was not so serious.
Welcome to the corrupt Cayman Islands.
The Ministers we elect are the lawmakers. That’s why our laws are so dumb.
Basic fact check: the law firms don’t draft regulatory legislation. CIMA/CIG does.
That was line 1 of your post. Kinda put me off trying to wade through the rest of it.
Maybe better to stick to posting about Miss Cayman and other such stuff you’re expert at.
to 12.34 You say “All smoke and mirrors tricks by law firms.They draft the legislation knowing the inbuilt loop holes. secret compartments, backdoors, trapdoors, secret passages”
Some say that is exactly what happened with the immigration law. Then they use those loòpholes to challenge the law that they helped write. Like eating your and getting someone else’s share..
Frankly, the 2017 CFATF check-up review showed that it would be a massive improvement just for CIMA to follow up on industry self-reported MLRO SARs, and they couldn’t even do that. Since then there have been a variety of detailed published DoJ indictments of criminal activities perpetrated in the Cayman Islands that might have instructed local scrutiny or restrictions on those that keep popping up, and the industries still in operation. Part of demonstrating the self-awareness and resolve to get ahead of future headlines, is admitting that there have been past headlines that went unanswered by our provincial-minded regulator. It’s not enough to pass legislation if it has no materiality in action.
money laundering?…i thought we called it ‘financial services’