AML compliance passes milestone as FATF wraps up


Progress to ensure the Cayman Islands anti-money laundering (AML), countering the financing of terrorism (CFT) and proliferation financing (CPF) regimes are compliant with international standards reached a significant milestone on Friday, 23 October 2020, as the Observation Period by the Financial Action Task Force (FATF) wrapped up.

The Cayman Islands has been tasked with implementing the Recommended Actions arising from an assessment of the jurisdiction by the CFATF (Caribbean Financial Action Task Force), the regional body of the FATF.

The FATF is the global standard setter for combatting money laundering, counter-terrorist financing and proliferation financing. Implementation of these recommended standards is essential to support national compliance and, as a result, protect the Cayman Islands from being placed upon the “grey list” by the FATF.

Since January 2018, the jurisdiction has passed several significant milestones on its way to improving AML/CFT/CPF mechanisms. These include the publication of an updated National AML/CFT Strategy 2019-2022 and the implementation of targeted AML/CFT risk assessments.

The National Coordinator for Government’s Anti-Money Laundering Steering Group (AMLSG) Elisabeth Lees said: “While great strides have already been made, we remain committed to continuing to improve and enhance standards for the jurisdiction, as a matter of national priority. Robust AML/CFT/CPF standards are essential to help us attract quality, sustainable business. Much of the work we have already undertaken so far in this regard places the Cayman Islands very much in line with international standards.”

Attorney General, Hon. Samuel Bulgin, QC, commented: “Despite continuing to deal with ongoing challenges to the jurisdiction from a major global pandemic, the Cayman Islands has taken its requirements to meeting the CFATF’s recommended actions very seriously and acted strenuously in this regard.”

Financial Action Task Force , AML, CFT, CPF ,Elisabeth Lees, Cayman Islands

Cayman Funds