Tag: Caribbean Financial Action Task Force
FATF still concerned by Cayman’s failings on action plan
(CNS): The Financial Action Task Force has expressed concerns that the Cayman Islands is still failing to complete its action plan to address the “remaining strategic deficiencies” by demonstrating that all types of money laundering cases are being prosecuted in line with the jurisdiction’s risk profile. Officials here were hoping that the FATF would have announced […]
Cayman chairs CFATF as it awaits de-listing
(CNS): The Cayman Islands is preparing to host the 55th Plenary and Working Group Meetings of the Caribbean Financial Action Task Force (CFATF) this weekend, during which Attorney General Sam Bulgin will assume the chair on behalf of Cayman, taking over from Bermuda. Over 200 overseas delegates will be attending the five-day event alongside 130 local […]
Cayman improves compliance over virtual assets
(CNS): The Cayman Islands is now compliant or largely compliant with all 40 of the Financial Action Task Force (FATF) recommendations following improvements to how this country manages its virtual assets regime. In the latest follow-up report released this month assessing how the jurisdiction’s technical compliance with anti-money laundering and counter-terrorism financing (AML/CFT) measured up […]
Cayman on FATF ‘grey list’ over AML compliance
(CNS): The Cayman Islands has fallen short of the necessary compliance standards and will be under increased observation by the Financial Action Task Force until it fulfills the requirements relating to its international financial obligations. Cayman has been added to the FATF’s grey list because of the failure by the authorities here to enforce the […]
Cayman develops online AML learning platform
(CNS): As part of continuing efforts by the Cayman Islands to fill gaps in its regime dealing with financial crime identified by the Financial Action Task Force (FATF) and avoid potential black-listing, the government, with support from Cayman Finance, has developed online learning modules relating to anti-money laundering, countering terrorist financing, and countering proliferation financing […]
Gov’t presses on to meet CFATF requirements
(CNS): Alongside the raft of legislation government has drafted to address the gaps in Cayman’s regime for combating financial crime identified in a report last year, it is continuing with an intensive training programme for all stakeholders. Trainers for the Caribbean Financial Action Task Force (CFATF) visited earlier this month to guide supervisors here through […]
CI still working on 63 CFATF recommendations
(CNS): Government has just two months to address the problems identified by the Caribbean Financial Action Task Force in March regarding Cayman’s vulnerability to global financial crime. Despite persistent claims that this jurisdiction is extremely well regulated and adheres to all global standards, the report found some glaring gaps, especially in areas outside the more […]
Developers must register with DCI
(CNS): The deadline for property developers operating in the Cayman Islands to register with the Department of Commerce and Investment as a Designated Non-Financial Business and Profession is just two weeks away. Anyone who develops or sells property in Cayman without using a real estate agent is now required to register under new rules that […]
Minister talks regulation with offshore sector
(CNS): Financial Services Minister Tara Rivers told hundreds of representatives from the offshore sector recently that government was doing all it could to deal with the new demands in financial standards. Providing a review of efforts to keep pace with new standards in tax transparency, anti-money laundering and counter-terrorism financing, and prudential regulation, she told […]
Swedish expert to steer CIG through CFATF update
(CNS): The Cayman Islands Government has contracted Jan Tibbling, the former chief public prosecutor at the Swedish Economic Crime Authority (SECA), to help the National Coordination Team steer its way through the Caribbean Financial Action Task Force (CFATF) follow-up. In its review of Cayman earlier this year, CFATF found numerous weakness and vulnerabilities and the […]
Offshore rules fuel 100 new gov’t jobs
(CNS): Premier Alden McLaughlin has said that government is investing millions of dollars to ensure that it meets the latest international compliance and regulation standards for the offshore sector. In a statement to the Legislative Assembly delivered Wednesday, just before Financial Services Minister Tara Rivers began presenting almost a dozen new bills, he revealed that […]
