Friday, October 23, 2020

Cayman amends regulator’s definition of money laundering

Cayman amends regulator's definition of money laundering 1
By Olaalpha

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Cayman amends regulator's definition of money laundering 2

Cayman authorities have updated the definition of the term ‘money laundering regulations’ in the Monetary Authority Law to meet anti-money laundering requirements by the Caribbean Financial Action Task Force (CFATF).

CFATF has recently published a critical evaluation of Cayman’s anti-money rules and urged the jurisdiction to improve the framework.

Tara Rivers, the island’s minister of Financial Services, said that recent discussions between her ministry, the Attorney General’s Chambers and the Anti-Money Laundering Unit had identified “a lacuna in the definition of ‘Money Laundering Regulations’ in the Monetary Authority Law”.

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