Cayman Receives High Marks From CFATF

by Carla Johnson, Investors Offshore.com

01 November 2002

The anti-money laundering procedures and regulations in place in the Cayman Islands received a favourable evaluation during the recent plenary meeting of the Caribbean Financial Action Task Force (CFATF), according to a report from the Cayman Net News service this week.

Although the Caymanian delegates attending the meeting were optimistic that the jurisdiction's anti-laundering regime would come up to scratch, they were delighted to hear that: 'the commitment and resolve by the Cayman Islands government to preserve the reputation of the jurisdiction and safeguard the financial services sector was unmistakable', and further welcomed the assessment that both the institutional framework and private sector participation in anti-laundering procedures were 'robust and extensive'.

According to Cayman Net News, the mutual evaluation report of the Cayman Islands conducted by the CFATF and approved by the body during its October meeting found the region to be fully compliant with all of the FATF's 40 recommendations except recommendation 27, and compliant with the Caribbean body's own 19 recommendations.

The CFATF examiners stated that following the completion of a memorandum of understanding between the Monetary Authority and non-financial professional bodies such as realtors, accountants, and lawyers regarding anti-money laundering monitoring procedures, FATF recommendation 27 will be seen to have been complied with.

Speaking earlier this week, Caymanian Financial Secretary, the Hon. George McCarthy welcomed the CFATF verdict, and expressed his gratitude to the financial services sector, the monetary authority, and the private sector in general for their willing cooperation.

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