Up-Front
Monetary Authority trains staffto meet Money Laundering Laws
Attendees at the recentworkshop on money laundering counter measures.
Government Information Services
Twenty-five staff members of the CaymanIslands Monetary Authority (CIMA) attended a workshop led by localfinancial industry experts from Ernst and Young (E&Y) on WednesdayOctober 11.
The half-day session, which was conducted at the Hyatt Hotel,was part of CIMA's continued efforts to maintain staff awarenessof the newest money-laundering counter-measures and featured presentationsby senior members of the accounting firm, as well as a representativefrom the legal firm of Hunter and Hunter.
The five speakers looked in-depth at issues relating to the fightagainst money laundering including: the latest local legislationand regulations, the Financial Action Task Force's (FATF's) 40recommendations for anti-money laundering efforts, effective reportingprocedures for financial regulators, and industry expectationsof the Authority.
Presenters included E&Y partner Mr. Jude Scott; senior managersMessrs. Jonathan Kahlberg and Gordon McCrae; and audit managerMr. Kendall Walker. Representing Hunter and Hunter was litigationpartner, Mr. Andrew Bolton.
Commending CIMA for its pro-active attitude towards personneltraining, Ernst & Young's Mr. Scott, who served as panel moderator,said: "The presentations generated some very productive,focused discussions on important current issues and developmentsin regulation. Participants were very responsive, and helped usto accomplish a great deal in a short time."
CIMA representatives took further advantage of the training sessionby engaging panel members in discussions on the importance ofclose public and private sector co-operation in monitoring Cayman'sfinancial industry.
A senior CIMA staffer observed that personnel had rated the sessionextremely high in terms of relevance, presentation and organisation.The Authority plans to schedule similar forums with various sectorsof the financial industry.