The Cayman Islands government has stressed it remains committed to upholding the highest global standards on money laundering and terrorist financing responding to the recently published Caribbean Financial Action Task Force (CFATF) Fourth Round Mutual Evaluation Report on the Cayman Islands.
Premier Alden McLaughlin said: “The Cayman Islands remain fully committed to upholding the highest global standards on money laundering and terrorist financing. Our anti-money laundering and counter financial terrorism action plan will send a clear signal that we intend to maintain those standards.
“We are addressing the recommendations in the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation Report as a matter of priority. “A dedicated task force, comprised of a cross-section of government agencies, has been appointed to oversee the implementation of a comprehensive action plan and we are confident that all of the concerns identified in the CFATF report will be remedied within the one-year timeframe.
“Work is already underway to improve information gathering, more rigorously monitor financial activity and enhance enforcement including the confiscation of assets. “For decades, we have worked with stakeholders across the public sector and industry to successfully keep pace with regulatory changes, while remaining attractive to legitimate business activity.”
A Ministerial Sub-Committee of Cabinet, chaired by McLaughlin, is working to oversee the implementation of a comprehensive action plan to address the recommendations contained in the CFATF report.
Committee members include the Attorney General, the Deputy Governor, the Minister for Financial Services, the Minister for Commerce and the Minister for Finance.
The group is leading jurisdiction-wide work to enhance the Cayman Islands AML/CFT framework. Efforts began prior to the finalisation of the report which, for the first time, separately addressed the issues of technical compliance and the effectiveness of compliance measures.
CFATF Report, Cayman, Government, Money laundering, Terrorism, Alden McLaughlin