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Money Laundering (“ML”), Terrorist Financing (“TF”) and Proliferation Financing (“PF”) exposes FSPs to significant operational, regulatory, legal and reputational risks.
Money laundering, terrorist financing and proliferation financing ("ML/TF/PF") are serious threats to society, causing a loss of revenue, endangering life, and fuelling other criminal activity. This Guidance aims to assist independent legal professionals to meet their obligations under the Cayman Islands’ AML/CFT/CPF/TFS regime.
The Cayman Islands Monetary Authority (“Monetary Authority”) is particularly aware of the global nature of the fight against money laundering, terrorist financing and other financial crime, and the consequent need for all jurisdictions to operate their Anti-Money Laundering
Revised under the authority of the Law Revision Law (1999 Revision). The Anti-Money Laundering Regulations, 2017 made 19th September, 2017. Consolidated and revised this 31st day of December, 2019. Note (not forming part of the Regulations): This revision replaces the 2018 Revision which should now be discarded.
The main money laundering offences under the PCA are summarised briefly below. Section 133 of the PCA creates the offence of concealing, disguising, converting or transferring criminal property, or removing criminal property from the Cayman Islands.
Three pieces of primary legislation, the Proceeds of Crime Law (the PCL), the Money Laundering Regulations (the Regulations) and, more recently, the Anti-Corruption Law (the ACL) provide the platform for anti-money laundering protection in the Cayman Islands.
It’s important for everyone to be aware of the signs of money laundering, terrorist financing and financing weapons of mass destruction (also called proliferation financing), and to understand the reasons for certain procedures.
