This story is reproduced by kind permission of Caymannetnews at http://www.caymannetnews.com
Last month, twenty-five staff members of the Cayman Islands Monetary Authority (CIMA) attended a workshop led by local financial industry experts from Ernst and Young (E&Y).
The half-day session, which was conducted at the Hyatt Hotel, was part of CIMA's continued efforts to maintain staff awareness of the newest money-laundering counter-measures and featured presentations by senior members of the accounting firm, as well as a representative from the legal firm of Hunter and Hunter.
The five speakers looked in-depth at issues relating to the fight against money laundering including: the latest local legislation and regulations, the Financial Action Task Force's (FATF's) 40 recommendations for anti-money laundering efforts, effective reporting procedures for financial regulators, and industry expectations of the Authority.
Presenters included E&Y partner Mr. Jude Scott; senior managers Messrs. Jonathan Kahlberg and Gordon McCrae; and audit manager Mr. Kendall Walker. Representing Hunter and Hunter was litigation partner, Mr. Andrew Bolton.
Commending CIMA for its pro-active attitude towards personnel training, Ernst & Young's Mr. Scott, who served as panel moderator, said: "The presentations generated some very productive, focused discussions on important current issues and developments in regulation. Participants were very responsive, and helped us to accomplish a great deal in a short time."
CIMA representatives took further advantage of the training session by engaging panel members in discussions on the importance of close public and private sector co-operation in monitoring Cayman's financial industry.
A senior CIMA staffer observed that personnel had rated the session extremely high in terms of relevance, presentation and organisation. The Authority plans to schedule similar forums with various sectors of the financial industry.
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