Cayman Islands; Report on the Observance of Standards and Codesâ€”FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

This paper focuses on observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for the Cayman Islands. The assessment reveals that the Cayman Islandsâ€™s legal framework for combating money laundering and terrorism financing is comprehensive. All designated categories of offences enumerated in the FATF 40 Recommendations are predicate offences under the Cayman law. The criminalization of FT is in accordance with FATF requirements. The confiscation regime meets most standards and is effective.

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Year of publication:	2009-12-08
Institutions:	International Monetary Fund (IMF) ; International Monetary Fund
Subject:	Bank supervision \| Banks \| Combating the financing of terrorism \| Financial institutions \| Financial sector \| International cooperation \| Monetary authorities \| Nonbank financial sector \| Reports on the Observance of Standards and Codes \| money laundering \| law enforcement \| terrorist financing \| terrorism \| competent authorities \| terrorist \| due diligence \| terrorism financing \| beneficial ownership \| precious metals \| financing of terrorism \| precious stones \| financial service providers \| criminal investigations \| enforcement authorities \| suspicious transactions \| law enforcement agencies \| financial crime \| legal assistance \| law enforcement authorities \| shell banks \| predicate offences \| financial intelligence unit \| money laundering regulations \| trust service providers \| domestic law \| control information \| risk scenarios \| asset forfeiture fund \| assessment methodology \| criminal liability \| monetary instruments \| judicial authorization \| reporting obligations \| terrorism offences \| suspicious transaction \| internal controls \| domestic legislation \| dual criminality \| criminal matters \| international law \| compliance officer \| administrative sanctions \| identification data \| judicial authorities \| investigative techniques \| face to face business \| suspicious activity \| suspicious activity reports \| reporting requirements \| terrorist support \| customer identification \| penal code \| transaction reports \| legal obligations \| business relationships \| account files \| criminal nature \| suspicious transaction reports \| adequate safeguards \| supervisory regime \| combating money laundering \| supervisory approach \| share information \| customer identification data \| mutual evaluation \| adequate powers \| banking relationships \| audit function \| internal audit \| civil forfeiture \| foreign branches \| suspicious transaction reporting \| financial crimes \| combating money \| extradition requests \| value transfer \| wire transfer \| legal arrangements \| transaction reporting \| supervisory authority \| criminal sanctions \| financing abuse

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Extent:	application/pdf
Series:	IMF Staff Country Reports.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Staff Country Reports Number 09/324 1 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011242853