Tag: terrorist financing

Cayman develops online AML learning platform

Cayman develops online AML learning platform

| 11/02/2020 | 11 Comments

(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 […]

Continue Reading

Peek at financial crime used to raise awareness

Peek at financial crime used to raise awareness

| 12/11/2019 | 6 Comments

(CNS): Cases of financial crime with Cayman connections, especially when related to the offshore sector, have historically remained largely under wraps here. But in a new report, “Money Laundering Typologies and Trends”, the authorities use examples of suspicious behaviour and real criminality that have touched Cayman as a way of helping people in relevant industries […]

Continue Reading

Minister talks regulation with offshore sector

Minister talks regulation with offshore sector

| 20/09/2019 | 12 Comments

(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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading

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 […]

Continue Reading