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Cayman Islands: Anti-Money Laundering Programmes Deemed A Success


12 December 2000

This story is reproduced by kind permission of Caymannetnews at

The Cayman Islands Bankers Association (CIBA) says it is pleased with the success of its 'Anti-Money Laundering Training' programs, which were developed through the combined effort of bankers, lawyers and the Royal Cayman Islands Police (RCIP).

The first two series of seminars have now been completed and in excess of 1300 employees of member institutions have participated, said the Cayman Islands Bankers Association in a press statement.

A half-day seminar was also held in September which targeted senior executives of members and addressed Anti-money laundering issues.

Over 140 persons attended this session which comprised presentations by eminent local speakers, Mr. Timothy Ridley of Maples & Calder; Det. Chief Inspector Brian Gibbs of the RCIP; Mr John Bourbon of the Cayman Islands Monetary Authority (CIMA); Ms Glenda Davidowski of the CIBA Training & Education Committee; and Mr Manuel Vasquez of the Caribbean Money Laundering Programme

"CIBA determined that it would be in the best interests of the financial services community and indeed, the Cayman Islands as a whole, if a standard program was created that provided detailed training to all employees of its members," the statement reads.

The course is based on the Code of Practice and the various pieces of local legislation which address the proceeds of crime and related issues. It also includes instruction on what money laundering is, how it is identified, the local practitioners' responsibilities, and details of reporting requirements.

The association says that it has been extremely gratified by the number of local professionals who have volunteered their time, free of charge, to participate as trainers in this program.

Chairman of the CIBA Training and Education Committee, Mr. Chris Richmond, said: "CIBA has been delighted to demonstrate its commitment to the enhancement of the Cayman Islands as a financial center with these efforts.

"We would particularly like to thank all of those who have volunteered their time in the development and delivery of our programs. We are indeed indebted to them, because with their support and co-operation, it has been possible to raise the level of awareness of Anti Money Laundering issues amongst our employees."


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