Government releases anti-money laundering strategy

The Cayman Islands government has developed a four-year Anti-Money Laundering and Counter Terrorist Financing Strategy in response to the threats and vulnerabilities identified in the recent National Risk Assessment.

The aim of the strategy is to ensure that the jurisdiction has a robust, adaptive and responsive AML/CFT framework consistent with international standards and effective in maintaining the integrity of the Cayman Islands’ financial services system, Attorney General Samuel Bulgin said in a statement.

“Although we have made significant progress, the government recognizes the need to take ongoing measures to update the AML/CFT regime to address the full range of risks relating to money laundering, the financing of terrorism and proliferation to the Cayman Islands and to communicate its strategy to relevant stakeholders,” he said.

The goals identified in the strategy include: Enhancing the jurisdiction’s AML/CFT legal and regulatory framework; implementing a comprehensive risk-based supervisory framework; strengthening sanctions, intelligence and enforcement; enhancing domestic cooperation and coordination; ensuring an efficient and effective system for international cooperation; and raising AML/CFT awareness among all stakeholders and the general public.

News source: Cayman Compass

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