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CIFSA Welcomes FATF Cayman Review

by Amanda Banks,, London

19 December 2007

The Cayman Islands Financial Services Association (CIFSA) is hailing the results of a recent review of the Cayman Islands anti money laundering framework by the Caribbean Financial Action Task Force (CFATF), the regional arm of the FATF.

The report concluded that the Cayman Islands was either compliant or largely compliant with 38 of the FATF 40+ 9 Recommendations relating to money laundering and combating the financing of terrorism.

CIFSA congratulated the Cayman Islands government, the Cayman Islands Monetary Authority and private sector representatives that participated in the onsite review which was conducted in June 2007.

“All of the various entities and individuals, and particularly the Cayman Islands Monetary Authority should be congratulated for this result” said Mr. Eduardo Silva, Chairman of CIFSA.

“The CFATF report is a huge endorsement of our anti money laundering framework. Many of the enhancements to our regulatory framework were made over six years ago, so it is nice to finally receive some acknowledgement of our efforts”, Mr Silva continued.

The assessment of the Cayman Islands was based on the FATF 40 recommendations on money laundering and the nine special recommendations on terrorist financing (known as the FATF 40+9).

CIFSA was also especially pleased with the significant recognition that CFATF gave to the Cayman Islands private sector. In its report the CFATF said that “…the financial service providers displayed a healthy compliance culture, based on an appreciation of the reputation risk of AML/CFT for the jurisdiction. The strong compliance culture was also demonstrated by the financial service providers’ pro-active cooperation with the authorities in implementing AML/CFT measures.”

“As a leading financial services centre, the Cayman Islands should be proud of the CFATF’s recognition of our strong compliance culture”, said Eric Crutchley, Director of CIFSA. “Our compliance culture was around long before formal legislation was introduced and it is good to see it being acknowledged so significantly by an independent review body such as the CFATF”, he continued.

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