The Caribbean Financial Action Task Force (CFATF) is to meet today to formulate a position on a report put forward by its sister organisation, the Financial Action Task Force (FATF) which contains new criteria for a global assessment methodology designed to combat money laundering and terrorist financing.
Speaking to the Cayman Net News service last week, prior to his departure for Barbados, Financial Secretary, the Hon. George McCarthy - who is heading the Caymanian delegation - announced that:
'We have received the document and the (Cayman Islands) team will be reviewing it over the weekend, then we will meet on Monday to formulate our position.' He continued:
'We will also be looking at the document against the 25 criteria that were issued by the FATF to assess countries such as the Cayman Islands. We are looking at questions that will be used by the IMF to see what international standards they are consistent with.'
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