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Cayman government seeks to reign in NPOs under AML laws

The Cayman Islands Registrar for NPOs (non-profit organisations) has brought together charitable organisations to disseminate information on money laundering, terrorist financing, targeted financial sanctions and financing risk.

Cayman Islands Government Administration Building in Georgetown. (Photo: Cayman Compass)

The event was an information session held at the Government Administration Building in George Town.

Information disseminated by the Ministry of Financial Services indicated that the session was aimed at helping NPOs fulfill their administrative duties in compliance with local laws and global standards for anti-money laundering, countering the financing of terrorism, targeted financial sanctions and proliferation financing.

” As of the 1st of September 2019, there were more than 450 churches, sports clubs, philanthropic organisations and community groups registered with Government.”

Presentations were also made by the Anti-Money Laundering Steering Group, the Financial Reporting Authority and the Financial Crime Investigations Unit within the Royal Cayman Islands Police Service.

Paul Inniss, the Head of Compliance at the General Registry, the facilitator at the session, alongside Ben Evans of Financial Transparency Advisors (FTA), indicated that the Cayman government is working to correct AML/CFT deficiencies.

As of the 1st of September 2019, there were more than 450 churches, sports clubs, philanthropic organisations and community groups registered with Government. They fall within the scope of the Non-Profit Organisations Law, 2017. 

That law was enacted in accordance with international standards to strengthen the Cayman Islands’ regime to counter money laundering and terrorist financing.

The Ministry of Financial Services, meanwhile, has contracted the Financial Action Task Force (FTA) to assist with Cayman’s preparations for the 2020 CFATF (Caribbean Financial Action Task Force) review of Cayman’s anti-money laundering and counter terrorist financing regime.

The Cayman Government is working to address the Caribbean Financial Action Task Force (CFATF)’s March 2019 assessment of Cayman’s AML/CFT regime.