For over 30 years, the Cayman Islands have been implementing legislation and bolstering their enforcement in a drive to deter illegal activity and attract sound financial business. A regulatory timeline recently published by the Islands' Government's AML Unit shows the key milestones from 1990 to date in the Islands' fight against financial crime. One thing is clear: the Islands have not been complacent in implementing change in their desire to remain one of the pre-eminent global financial services jurisdictions.
...in 1990...Cayman helped to found the Caribbean Financial Action Task Force (CFATF)... Since then, Cayman’s regime has been evaluated four times by the CFATF. As a leading international financial centre, Cayman has welcomed the results of each evaluation, recognising that evaluations help us to know how effective we are in applying the FATF standards. After evaluations, most jurisdictions further strengthen their regimes in line with the FATF’s evolving standards (of course, the standard must evolve in order to keep up with global developments). This remains Cayman’s approach, as well. Following global standards benefits us and other jurisdictions as well. It helps us to deter illegal activity and instead, to attract and retain sound business locally...
