Cayman Bracing For Negative Financial Action Task Force Review

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A report on the Financial Action Task Force’s recent review of Cayman’s defenses against terrorist financing and money laundering will likely be released next month, and the results will not be positive, according to Premier Alden McLaughlin.

“It’s not going to be a good report,” Mr. McLaughlin told the Compass. “It is going to find that we have some areas we need to improve on our anti-money laundering and counter-terrorist financing systems.”

The premier explained that Cayman has implemented most of the legislation required by the FATF – an organization that sets standards for combating money laundering, terrorist financing and related threats to the international financial system.

However, the task force has spotted deficiencies in how Cayman’s rules and regulations are being followed in practice, he said.

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