Cayman Islands has scored high for its efforts to combat money laundering and terrorist financing in its financial services sector. The Caribbean Financial Action Task Force (CFATF) said after rigorous evaluation, it had rated the country either compliant or largely compliant.
Cayman Islands has scored high for its efforts to combat money laundering and terrorist financing in its financial services sector. The Caribbean Financial Action Task Force (CFATF) said after rigorous evaluation, it had rated the country either compliant or largely compliant.
Cayman Islands scored 38 out of the 40 Financial Action Task Force anti-money laundering recommendations and the nine special recommendations for combating the financing of terrorism.
Responding to the rating, Cayman Islands' Financial Secretary, Kenneth Jefferson said the focus will be shifted to implementation of the matters in the evaluation report that indicate less than full compliance.
The CFAFT's report on Cayman was officially approved at its recent 26th plenary and 14th Ministerial meeting in San Jose, Costa Rica.
Established in 1992, the CFAFT is designed to achieve effective implementation of measures to combat money laundering and terrorist financing amongst its 30 member states.