Title: International Coalition Fortifies Cayman Islands Against Financial Crimes: AML/CFT/CPF Framework and the Role of the Public

Background: Bolstering Defenses Against Money Laundering, Terrorist Financing, and Proliferation Financing

The Cayman Islands, a leading financial hub in the Caribbean, is fortifying its defenses against money laundering, terrorist financing, and proliferation financing by implementing a robust and adaptive Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) framework. This effort, modeled after international standards, is pivotal in preserving the integrity of the Cayman Islands’ financial system.

Mission: Adopting a Multidisciplinary Approach to Safeguard the Financial System

• Extensive domestic and international cooperation
• Protecting the community and local businesses

Understanding Financial Crimes: Money Laundering, Terrorism Financing, and Proliferation Financing

Definitions

1. Money laundering: Disguising the illegal origin of ill-gotten gains
2. Terrorism financing: Financing terrorists, non-state actors, or terrorist activities
3. Proliferation financing: Funding weapons of mass destruction and their production or acquisition

Targeted Financial Sanctions

A crucial response mechanism to violations of international laws, effectively freezing assets and applying prohibitions to prevent unintended benefits.

Public’s Role: Awareness and Action

Signs of Financial Crimes

1. Buyers unwilling to disclose identities
2. Questionable customer flow in businesses
3. Inconsistent information from potential investors
4. Unfamiliar offers to facilitate financial transactions

Reporting Suspected Instances

Contact the Royal Cayman Islands Police Service’s Financial Crimes Unit:

• Email: RCIPS.FCU@rcips.ky
• Phone: +1 345 949-8797

Stay Informed

• Attorney General’s Site
• FATF updates
• CFATF presentations on topics like virtual assets and beneficial ownership

International Community’s Response: Staying Vigilant Against Emerging Risks

The international community, including the Cayman Islands, remains committed to staying vigilant and responsive against emerging risks to the financial system, such as those relating to Ukraine’s situation. The FATF has issued several statements and guidelines on the matter.

Conclusion: Everyone’s Responsibility to Recognize and Report Suspicious Activity

As the fight against financial crimes extends beyond borders, it is everyone’s responsibility to recognize and report suspicious activity.