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Cayman Islands Preparing For Anti-Money Laundering Review

by Mike Godfrey, Lowtax.net, Washington
05 August, 2016

The Cayman Island's financial services industry, financial regulators, and the territory's Government are preparing for a mid-2017 review of the territory's anti-money laundering regime by the Caribbean Financial Action Task Force.

Ahead of the long-planned inspection, a number of new pieces of legislation have been passed or proposed to strengthen the territory's defenses against money laundering and terrorist financing.

Changes include the recent repeal of the Confidential Relationships (Preservation) Law and proposed legislation to regulate non-profit organizations and non-financial services-related businesses (including real estate business and precious metals dealers).

Financial Services Minister Wayne Panton said in May that while the Cayman Islands has been subject to periodic reviews by the Financial Action Task Force, the one due to occur in the second half of 2017 will be different from those the territory has experienced in the past.

"These new assessments are no longer just about technical requirements," Panton said. "There will be an assessment based on effectiveness [of the current regulatory system]. Our view is we need to have that in place ahead of time."

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