Tag: money laundering

Charities warned over vulnerabilities

Charities warned over vulnerabilities

| 09/09/2019 | 6 Comments

(CNS): With more than 450 local churches, sports clubs, community groups, charities and other non-profit organisations registered with government, the registrar for NPOs hosted an information session recently to help these entities manage their risk of being used for money laundering, terrorist financing and financial sanctions dodgers. This was the latest in a number presentations […]

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New legislation tightens up trust sector

New legislation tightens up trust sector

| 27/08/2019 | 1 Comment

(CNS): Two pieces of legislation have now come into force that will tighten up the regulatory regime for the management of private trusts and their administrators. The Private Trust Companies (Amendment) regulations, 2019 provides clearer definitions for terms given to those involved in the administration of trusts, while the Trusts (Transparency) Regulations, 2019 lists the information that […]

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Jewellers warned of sector’s financial risks

Jewellers warned of sector’s financial risks

| 22/08/2019 | 16 Comments

(CNS): It is no longer just offshore financial institutions that are vulnerable to money laundering. Industries as diverse as real estate and jewellers are also at risk of being used to disguise the source of assets. Dealers in precious metals and stones (DPMS) were recently warned by government officials at a special workshop organised for […]

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Blake and Watson charged in CIFA case

Blake and Watson charged in CIFA case

| 08/08/2019

(CNS) After what officials said was “a complex and protracted investigation” by the Anti-Corruption Commission, former Cayman Islands Football Association executives Bruce Blake and Canover Watson have been charged with a list of offences under various laws in relation to financial crimes at CIFA. The two men were arrested more than two years ago in […]

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Law firm register established

Law firm register established

| 07/08/2019 | 13 Comments

(CNS): All law firms and sole practitioners operating in Cayman must register with a new legal regulator before the end of this month, as government presses on with the job of meeting the latest international rules for the financial sector. The newly formed Cayman Attorneys Regulatory Authority (CARA) has begun to build its regulatory oversight […]

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Offshore rules fuel 100 new gov’t jobs

Offshore rules fuel 100 new gov’t jobs

| 25/07/2019 | 18 Comments

(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 […]

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More legislation planned to keep Cayman compliant

More legislation planned to keep Cayman compliant

| 17/04/2019 | 14 Comments

(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 […]

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CIG to spend millions addressing CFATF report

CIG to spend millions addressing CFATF report

| 09/04/2019 | 10 Comments

(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 […]

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Developers vulnerable to money laundering

Developers vulnerable to money laundering

| 26/03/2019 | 83 Comments

(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 […]

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Suspicious activity not properly investigated

Suspicious activity not properly investigated

| 21/03/2019 | 27 Comments

(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 […]

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Major risks found in Cayman’s finance sector

Major risks found in Cayman’s finance sector

| 20/03/2019 | 24 Comments

(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 […]

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