The Cayman Islands has received a clean bill of health from the Caribbean Financial Action Task Force (CFATF). The CFATF's report confirms that the Cayman Government has taken prompt and effective action to deal with threats posed by illicit money laundering.
The Cayman Islands volunteered to participate in the first mutual evaluations conducted by the CFATF in November 1993. Since then questionnaires and an intensive series of interviews with both government and non-government bodies have enabled the CFATF to put together a comprehensive report on the financial centre in Cayman.
The CFATF's report, which will be officially published once it has been approved by the task force's technical committee, commends Cayman on its regulatory controls on money laundering. The report also comments that the often controversial confidentiality laws do not inhibit compliance with the CFATF's own recommendations on money laundering.
George McCarthy, Cayman Islands Financial Secretary, said in response to the reports findings:
"We co-operated fully with the team from the Caribbean Action Task Force and are very pleased with their findings. Cayman's effective regulatory system and strong legislation has enabled us to become one of the leading offshore financial centres in the world. I hope that this report will put a stop to the speculation in some quarters that Cayman tolerates money laundering."
For further information or interviews:
Contact Jacqui Crane/ Sam Hudson at the Cayman Islands Press Office
Note to Editors
The CFATF is the regional arm of the Financial Action Task Force (FATF), which was formed to implement the Vienna Convention (The United Nations convention against traffic in illicit drugs). Forty recommendations have been formulated by the FATF and a further 21 by the CFATF.
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