By Joanne Huckle
What do you think was the authorities’ goal in making further amendments to the AML Regime in 2018?
The Anti-Money Laundering Regulations, which came in to force in October 2017 and the accompanying Guidance Notes, which were published in December 2017 sought to close gaps that remained between Cayman’s robust anti-money laundering regime and the Financial Action Task Force 2012 recommendations.
The Cayman Islands government and the Cayman Islands Monetary Authority (Authority) are well aware that it is imperative that the Cayman Islands is not only perceived to, but does in fact, play a central role in the global fight against money laundering and terrorism financing. At the same time, there is a deep understanding of the need to remain competitive and commercial.