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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) in the Cayman Islands

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The Cayman Islands have made significant strides in strengthening their AML/CFT/CFP regime since 2015. Despite ongoing challenges, the jurisdiction continues to improve its risk management and mitigation environment.

Risk Management and Mitigation Environment

Key Improvements

• The Cayman Islands have achieved full compliance with FATF 40 Recommendations.
• The legislative framework for AML/CFT/CFP has been overhauled.
• National and sectoral understanding of ML/TF/PF risks has improved.
• The AML/CFT/CFP regime has been extended to new sectors, such as lawyers, accountants, and real estate agents.
• A risk-based approach to AML/CFT/CFP supervision has been implemented.

Challenges

Despite these improvements, there are still human and technological resource challenges across agencies with critical AML/CFT/CFP mandates.

Strategic Themes, Objectives, and Actions

Enhancing the Jurisdiction’s AML/CFT Legal and Regulatory Framework

Objective

• Secure a modern risk-based legislative framework consistent with international standards.

Stakeholders Involved

• AML Sub-Group (Anti-Money Laundering)
• Ministry of Financial Services & Commerce (MFSC)
• Inter-Agency Coordination Committee (IACC)
• Anti-Money Laundering Unit (AMLU)
• Cayman Islands Monetary Authority (CIMA)

Actions

• Revising the legislative framework to align with international standards and emerging risks.

The report highlights the progress made in strengthening the AML/CFT/CFP regime in the Cayman Islands but also acknowledges ongoing challenges that require attention. The strategic themes, objectives, and actions outlined in the report aim to further improve the jurisdiction’s AML/CFT legal and regulatory framework.