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The Anti-Money Laundering Unit (AMLU) was established in 2014 out of the need for greater AML/CFT cooperation and coordination among relevant competent authorities at the operational level. The Unit is the secretariat for the Anti-Money Laundering Steering Group (AMLSG), which is the AML/CFT policy-making body for the Cayman Islands; and also chairs the Inter-Agency Coordination Committee (IACC).

Our Vision

An effective national AML/CFT framework that is consistent with international standards.

Our Mission

A unified, multi-agency approach to domestic cooperation at the operational level to combat money laundering, terrorism financing, and proliferation financing.

Our Structure (AMLU)

The AMLU is comprised of the Head, a Senior Legal & Policy Officer, a Policy Officer (currently vacant), and an Administrative Manager.

The Role of the Anti-Money Laundering Unit is to:-

  • Coordinate the AML/CFT National Risk Assessment (NRA) on behalf of the AMLSG and provide information on the results of the risk assessment to all relevant competent authorities and self-regulatory bodies (SRBs), financial Institutions and DNFBPS.
  • Co-ordinate and prepare for mutual evaluations conducted by the Caribbean Financial Action Task Force (CFATF) and follow-up actions.
  • Oversee the implementation of new legislation or amendments to existing AML/CFT legislations.
  • Central agency for the collection, compilation of AML/CFT data and statistics.

The Anti-Money Laundering Steering Group (AMLSG)

The Anti-Money Laundering Steering Group (AMLSG) is the governing body responsible for the general oversight of AML/CFT policy in the Cayman Islands, as stated in section 5(2)(a) of the Proceeds of Crime Law (2016 Revision). It is also responsible for the general administration of the Financial Reporting Authority (FRA), for promoting effective collaboration between regulators and law enforcement agencies, and for monitoring interaction and co-operation with overseas financial intelligence units.

Members of the AMLSG include:

  • Chairman - Hon. Attorney General;
  • Deputy Chairman - Chief Officer, Ministry of Financial Services, Commerce and Environment (MFSCE);
  • Commissioner of Police;
  • Collector of Customs;
  • Managing Director of the Cayman Islands Monetary Authority (CIMA);
  • Solicitor General;
  • Director of Public Prosecutions; and
  • Chief Officer, Department of Commerce, Planning and Infrastructure

Inter-Agency Coordination Committee (IACC)

The Inter-Agency Coordination Committee (IACC) is the body responsible, at the operational level, for

  1. the implementation of AMLSG policies;
  2. inter-agency cooperation and coordination with respect to anti-money laundering, counter terrorism financing and anti-proliferation financing; and
  3. coordinating the assessment of national ML/TF risks.

The IACC is chaired by the Head of the Anti-Money Laundering Unit, and includes representatives from the following agencies:

  • Cayman Islands Monetary Authority (CIMA);
  • Department of Commerce and Investments (DCI);
  • Ministry of Financial Services, Commence and Environment (MFSCE);
  • Financial Reporting Authority (FRA);
  • Financial Crimes Unit (FCU), Royal Cayman Islands Police Service (RCIPS);
  • Office of the Director of Public Prosecution (DPP); and
  • Customs Department.

International Dimension

Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) is an inter-governmental body established originally in 1989 by the Ministers of G7. The objectives of the FATF are to set international standards (FATF 40 Recommendations or Recommendations) and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.

The FATF Recommendations are intended to be of universal application and were first issued in 1990. They were subsequently revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant.

Caribbean Financial Action Task Force (CFATF)

The Caribbean Financial Action Task Force (CFATF) is an FATF-styled regional body, comprising of twenty-seven States in the Caribbean Basin, Central and South America who have agreed to implement common countermeasures to address the problem of Money Laundering, Terrorist Financing and the Financing of the Proliferation of Weapons of Mass Destruction.

The main objective of the CFATF is to achieve effective implementation of and compliance with FATF Recommendations to prevent and control money laundering and to combat the financing of terrorism. More specifically, the CFATF Secretariat coordinates the Mutual Evaluation of its member jurisdictions, based on the FATFMethodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems (2013).

The CFATF publishesMutual Evaluation Reportsof its member jurisdictions, as well as Follow Up Reports that show each member jurisdiction's progress after its mutual evaluation.

Last Updated 2019-02-26