Tag: Caribbean Financial Action Task Force
More laws coming to address CFATF criticisms
(CNS): Government is bringing another batch of laws relating to the offshore sector when the Legislative Assembly meets later this month. Most of the bills are designed to enhance the existing anti-money laundering and counter financing of terrorism (AML/CFT) regime and to meet the criticisms contained in the latest report by the Caribbean Financial Action […]
DCI introduces new rules in face of risks
(CNS): The Department of Commerce and Investment has introduced several new board policies that will come into force on Wednesday, 1 May, as part of its new role supervising designated non-financial businesses and professions, such as real estate agents and precious metal dealers. The DCI is now tasked with ensuring that measures are in place […]
More legislation planned to keep Cayman compliant
(CNS): After steering through two pieces of legislation in the most recent session of the Legislative Assembly to help keep Cayman’s offshore sector compliant and competitive, the financial services ministry is working on more new laws, which are expected to be debated in June. The Securities Investment Business (Amendment) Bill, 2019, which was published on […]
CIG to spend millions addressing CFATF report
(CNS): The government will be spending many millions of dollars to improve the anti-money laundering, counter terrorism and financial crime regime in Cayman over the next year, following the recent findings of the Caribbean Financial Action Task Force, Premier Alden McLaughlin told Finance Committee on Friday. He said the more than $600,000 appropriation for the […]
New legislation to cut charity risks
(CNS): Several pieces of legislation will come into force next week that are designed to protect non-profit organisations and charities from financial crime and clarify the regime surrounding NPOs and civil organisations that could be misused. The Non-Profit Organisations (Amendment) Law, 2018 (Commencement) Order, 2019 and Non-Profit Organisations (Registration Application) (Amendment) Regulations, 2019 will come into […]
Developers vulnerable to money laundering
(CNS): Developers who are selling their expensive properties directly to customers are not subject to any oversight, which the Caribbean Financial Action Task Force has said leaves them vulnerable to money laundering and terrorist financing. In the recently published mutual evaluation report for the Cayman Islands that outlined some of the threats this jurisdiction faces […]
Suspicious activity not properly investigated
(CNS): The evaluation of the Cayman Islands by CFATF has identified a long list of potential risks, threat and vulnerabilities faced by the jurisdiction as a result of the size and sophistication of its offshore financial sector. One significant concern, from the long list identified in the report, is the failure of the disclosures from […]
Major risks found in Cayman’s finance sector
(CNS): The Cayman Islands Government is faced with a long ‘to do’ list to address “major deficiencies” inhibiting the jurisdiction’s “ability to analyse and understand its risks”, according to a new report. Well aware that the latest peer review on how Cayman combats money laundering and terrorist financing was likely to be damning, the premier […]
Law Society laments 30-year struggle for bill
(CNS): Alasdair Robertson, the president of the Cayman Islands Law Society, made his annual call for the fundamental reform of the Legal Practitioners Law at the opening of the Grand Court Wednesday, when he reminded the lawyers and lawmakers present that the current legislation is unfit for purpose and was identified as being in need of reform […]
Cayman poised to draw line on global cooperation
(CNS): Premier Alden McLaughlin has said the Paradise Papers leak was designed to influence the consideration of the latest European blacklist and if Cayman is on it next month, it could mark the end of cooperation. Speaking to members of the Legislative Assembly, he suggested that the Cayman Islands’ continuous and consistent cooperation, its adherence […]
