Title: International Community Rallies to Combat Financial Crimes in Cayman Islands: CIMA’s Central Role in AML/CFT Initiatives

The Cayman Islands Monetary Authority (CIMA), as the primary enforcer of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations in the Cayman Islands, plays a pivotal role in building and maintaining a robust regulatory framework. The Cayman Islands, known as a leading global financial hub, strictly follows international standards of supervision and cooperates with regulatory bodies worldwide.

CIMA’s International Affiliations

As a founding member of the Caribbean Financial Action Task Force (CFATF), an regional affiliate of the Financial Action Task Force (FATF), CIMA is committed to implementing FATF issued recommendations aimed at countering money laundering, terrorist financing, and proliferation financing. Adhering to these international guidelines strengthens the Cayman Islands’ AML/CFT regime.

Addressing Global Concerns: Money Laundering, Terrorist Financing, and Proliferation Financing

• Money laundering: A financial crime in which illicit cash or assets are disguised through various transactions to appear legitimate.
• Terrorist financing: Funds are gathered with the intention to support acts of terrorism or terrorist organizations.
• Proliferation financing: Provision of funds or services supporting the production, acquisition, importation, transport, export, or use of weapons of mass destruction in violation of national or international laws.

Mutual Evaluation Exercises by CFATF

The CFATF conducts periodic mutual evaluation exercises to assess the effectiveness of its members’ AML/CFT frameworks. As a founding member, CIMA undergoes these evaluations. The latest report on the Cayman Islands’ AML/CFT framework is available here.

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