The CFATF is an organisation of states of the Caribbean basin which have agreed to implement common counter-measures to address the problem of money laundering and terrorist financing. It was established as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992, and it now aims to achieve the implementation of and compliance with its recommendations to this end.

Solicitor General, Sam Bulgin - one of several top-level Caymanian officials attending the CFATF plenary - told the local news provider that going by the reaction of the Paris-based Financial Action Task Force to the country's anti-money laundering efforts, favourable assessments are expected from its Caribbean counterpart:

'We are rather optimistic and very confident that given the recent set of amendments to our laws and the favourable comments from the Financial Action Task Force that we will be seen to be in compliance with international standards,' he stated.

Mr Bulgin went on to explain that the Mutual Evaluation Report looks at broad areas of international cooperation, legislation dealing with mutual legal assistance issues, the jurisdiction's anti-money laundering programme, and the general regulation of the finance sector.

'What we are therefore seeking...is a comparison of how well these frameworks meet international standards,' he told the newspaper.

Mutual Evaluation reports on the regulatory regimes in Barbados, the Bahamas, and Costa Rica will also be under review at the four day meeting.