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Published 18th August 2010, 12:34pm

George Town, Grand Cayman - Cayman Islands Government delegates recently attended a Pre-assessment Workshop hosted by the Caribbean Financial Action Task Force (CFATF), designed to prepare member countries for the Fourth Round of mutual evaluations in 2012. The workshop was held in El Salvador from 19-23 July 2010 and was sponsored by the International Monetary Fund.

Officials from the Cayman Islands Monetary Authority (CIMA), Financial Reporting Authority, Financial Services Secretariat and the Legal Department heard from experts in financial crime legislation, Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) compliance and financial intelligence and investigation. The presenters also identified areas which should be reviewed in order to determine whether improvements are needed prior to future onsite visits by the CFATF.

Deputy Head of the Policy and Development Division at CIMA and financial examiner during the third round of CFATF mutual evaluations, Mr. Francis Arana, explained that participating in the workshop was beneficial to the jurisdiction in that it highlighted areas that will be given a higher degree of prominence during the fourth round of evaluations.

"The overwhelming message received was that jurisdictions will need to demonstrate tangible evidence of 'effective implementation' of the 40 plus 9 Recommendations during the fourth round," Mr. Arana said.

The Cayman Islands completed its third round evaluation by the CFATF in June 2007. The assessors found that overall there was a strong compliance culture through pro-active cooperation with the authorities in implementing AML/CFT measures.

Since that time, the relevant Cayman Islands Government authorities have done considerable work to implement the CFATF's recommendations and are actively monitoring global developments to ensure that Cayman stays at the forefront of international standards.


For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at