Cayman Islands To Chair CFATF

by Phillip Morton, Investors Offshore.com

21 September 2010

Following recognition as the top specialized financial centre, the Cayman Islands will chair the Caribbean Financial Action Task Force (CFATF) from November, the jurisdiction's government has announced.

Commenting, firstly, on its pole position in The Banker’s recently published rankings of International Financial Centres, Cayman Islands’ Premier and Finance Minister, McKeeva Bush stated: “For the Cayman Islands to be the top specialized financial centre for the second year running is, in itself, an accomplishment. It speaks to the high standards of our industry and demonstrates our ability to adapt to an ever-changing economic environment.”

Another endorsement of the island’s regulatory standards is the transfer of Chairmanship of the CFATF, the body responsible for ensuring the uptake of Anti-Money Laundering and Countering the Financing of Terrorism standards in the region, which will take place at the 32nd Annual CFATF Plenary. The event is to be hosted by the Cayman government from November 2 until November 4, 2010, at the Grand Cayman Marriott Beach Resort.

There are expected to be more than 175 delegates attending the Plenary over the 3 days. During this conference, the Cayman Islands will become the official Chair of the CFATF, hence increasing the jurisdiction’s presence in global anti-money laundering and combating of terrorist financing standard-setting affairs.

Welcoming the islands' appointment, the Attorney General, Samuel Bulgin said: “We look forward to enhancing an already solid relationship with CFATF and FATF members. As incoming Chair, the Cayman Islands are tasked with carrying forward the work programme for the organization over the next year and ensuring that members adhere to strict anti-money laundering standards.”

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