Up Front
Anti-money laundering coursesdeemed a resounding success
The Cayman Islands Bankers Association (CIBA)says it is pleased with the success of its 'Anti-Money LaunderingTraining' programs, which were developed through the combinedeffort of bankers, lawyers and the Royal Cayman Islands Police(RCIP).
The first two series of seminars have now been completed and inexcess of 1300 employees of member institutions have participated,the association says in a press statement.
The grouping also held a half-day seminar in September which targetedsenior executives of members and addressed Anti-Money-launderingissues.
Over 140 persons attended this session which comprised presentationsby eminent local speakers, Mr. Timothy Ridley of Maples &Calder; Det. Chief Inspector Brian Gibbs of the RCIP; Mr JohnBourbon of the Cayman Islands Monetary Authority (CIMA); Ms GlendaDavidowski of the CIBA Training & Education Committee; andMr Manuel Vasquez of the Caribbean Money Laundering Programme
"CIBA determined that it would be in the best interests ofthe financial services community and indeed, the Cayman Islandsas a whole, if a standard program was created that provided detailedtraining to all employees of its members," the statementreads.
The course is based on the Code of Practice and the various piecesof local legislation which address the proceeds of crime and relatedissues. It also includes instruction on what money launderingis, how it is identified, the local practitioners' responsibilities,and details of reporting requirements.
The association says that it has been extremely gratified by thenumber of local professionals who have volunteered their time,free of charge, to participate as trainers in this program.
Chairman of the CIBA Training and Education Committee, Mr. ChrisRichmond, said: "CIBA has been delighted to demonstrate itscommitment to the enhancement of the Cayman Islands as a financialcenter with these efforts.
"We would particularly like to thank all of those who havevolunteered their time in the development and delivery of ourprograms. We are indeed indebted to them, because with their supportand co-operation, it has been possible to raise the level of awarenessof Anti Money Laundering issues amongst our employees."