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Cayman Islands Maintain Dialogue With International Regulatory Authorities

Caymannetnews

04 October 2000

This story is reproduced by kind permission of Caymannetnews at http://www.caymannetnews.com

The Cayman Islands have vigorously pursued and implemented effective and appropriate remedies in response to concerns raised by the Financial Action Task Force.

These laws, which include the Monetary Authority (Amendment) (International Co-operations) Law, 2000 and the Proceeds of Criminal Conduct (Amendment) Money Laundering Regulations Law, 2000 have had a profound effect in raising the benchmark and providing investors additional security on the probity of Cayman's financial system.


The new laws set out, among other provisions, to expand the role of the Cayman Islands Monetary Authority and to require service providers to strictly adhere to standardised anti-money laundering procedures for client identification, record-keeping and internal reporting. This builds on the Code of Practice issued in March 2000 under the Proceeds of Criminal Conduct Law.

"We have embraced the challenges which have been presented in the past year and have tackled them with the same tenacity and professionalism that have come to be expected from the Cayman Islands. Our goal is constant, to remain the preferred jurisdiction for quality business. I believe our achievements to date, and particularly what we have accomplished in the past three months, demonstrate we are on track," the Financial Secretary, the Hon. George McCarthy said.

Since June 2000, the Cayman Islands have been engaged in open dialogue with international regulatory authorities and have enacted legislation that broadens the Caymans' existing safeguards against the global phenomenon of money laundering. Contained in the FATF's own summary report of June 22nd was the statement that the Cayman Islands ìhas been a leader in developing anti-money laundering programs throughout the Caribbean region. It has served as president of the CFATF, and it has provided substantial assistance to neighboring states in the region. It has demonstrated exemplary cooperation on law enforcement matters, and uncovered several serious cases of fraud and money laundering otherwise unknown to authorities in FATF member states. In addition, it has closed several financial institutions on the basis of concerns about money laundering.

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