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Cayman Says More To Do To Strengthen AML/CTF Regime

by Mike Godfrey, Lowtax.net, Washington
28 April, 2017

The Cayman Islands has released the findings of its first anti-money laundering and countering the financing of terrorism risk assessment.

The Cayman Government said that while the territory's efforts are well-coordinated and effective, more could be done to strengthen the local regime.

Publication of the National Money Laundering and Terrorist Financing Risk Assessment, prepared by the Cayman Attorney General's Chambers, is intended to inform continuing preparations for the upcoming Fourth Round Mutual Evaluation by the Caribbean Financial Action Task Force at the end of the year.

In light of the findings, the territory's Government has said it is committed to working collaboratively with industry to incorporate the findings of the National Risk Assessment into a comprehensive strategy. Its aims include further legislative enhancements, improved co-operation between local stakeholders, and increased awareness by the industry and general public of their anti-money laundering and countering the financing of terrorism responsibilities.


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