CAYMAN ISLANDS: AML/CFT FOLLOW-UP REPORT

On 205 October, CFATF, the FATF-style regional body for the Caribbean, published a third enhanced follow-up report and technical compliance update.  As is usual with such follow-up, the report only addresses technical compliance, and not effectiveness.  It is said that the Cayman Islands has been under enhanced monitoring since the adoption of its Mutual Evaluation Report of November 2018. It says that it has re-rated the country in relation to Recommendation 15 – New Technologies from Partially Compliantto Largely Compliant; and that the Cayman Islands is Compliant with 22 of the 40 FATF Recommendations and Largely Compliant on 18 of them.  The Cayman Islands will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes, and will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT measures.

https://www.cfatf-gafic.org/documents/4th-round-follow-up-reports/cayman-islands-2/17016-cayman-islands-3rd-enhanced-follow-up-report-and-technical-compliance-re-rating/file

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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