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Cayman Islands dialogue withFATF "On Course"
The Government of the Cayman Islands hasresponded to the Financial Action Task Force (FATF) on Money Laundering,which met from January 28 - 31.
Following the meeting, the FATF had notedin a report that "a number of the 15 non-cooperative countrieshave taken impressive strides towards improving their counter-money laundering regimes," and that seven jurisdictions,including the Cayman Islands, "have enacted most, if notall legislation needed to remedy the deficiencies identified inJune 2000."
Responding on behalf of the Cayman Islandsgovernment, Financial Secretary, Hon. George McCarthy, said: "Weare pleased that the FATF is recognising our actions. We wantto ensure that our efforts to continually strengthen our anti-moneylaundering systems reflect both our position as a major internationalfinancial centre as well as FATF standards."
According to a release from the FinancialSecretary's Office, the primary "deficiencies" of theCayman Islands' anti-money laundering regime cited by FATF, wereaddressed through legislative action taken last summer.
At the time, the release says, matters relatingto customer identification, internal reporting and record keeping,which were previously treated as guidelines within a 'Code ofPractice', were made into legal requirements.
Suspicious activity reporting was also mademandatory within the context of the Proceeds of Criminal ConductLaw. "Significant, rapid progress" was recognised bythe FATF in an October 2000 preliminary review, the release said.
It goes on to quote Leader of GovernmentBusiness, Hon. Kurt Tibbetts, as saying: "Last month, wehad a useful meeting with FATF Americas Review Group, and providedthem with a legislative timetable to address a few remaining areasof concern to them."
"It is our belief," the Ministersaid, "that by March 2001, the regulations and laws of theCayman Islands will meet (or in some areas exceed) both the 40FATF recommendations and the 25 criteria adopted by the FATF inFebruary of last year."
In conclusion, Minister Tibbetts said: "Wenote the FATF President's statement that the FATF does not wasto keep jurisdictions on the list 'any longer than necessary'and therefore hope not to be removed from the list shortly thereafter."