The following advisory is a round-up of recent amendments to the
Cayman Islands anti-money laundering ("AML"),
counter-terrorist financing ("CTF"), proliferation
financing ("PF") and financial sanctions
requirements.
These recent amendments have been driven by developments in global
standards, in particular those of the Financial Action Task Force
("FATF"), and the implementation of the analysis of the
Caribbean FATF in its Mutual Evaluation Report. These amendments
will not impact overall arrangements made by our clients to comply
with the AML Regulations but bring clarity on a number of
topics.
The new 2020 revision of the Anti-Money Laundering Regulations
("AML Regulations") consolidates amendments during 2019
and was itself amended on 5 February 2020. The Guidance Notes on
the Prevention and Detection of Money Laundering and Terrorist
Financing originally issued on 13 December 2017 ("Guidance
Notes") have also been amended, most recently on 5 February
2020.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.