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You are here: Homepage > Press Room > Press Releases 2019 > Registrar Speaks to NPOs on AML/CFT Risks

Published 17th September 2019, 9:40am

  The Registrar for NPOs (non-profit organisations) addressed dozens of  charitable organisations on their money laundering, terrorist financing,  targeted financial sanctions and proliferation financing risks at an  information session on Thursday, 5 September at the Government Administration  Building. 

Last Thursday’s meeting also featured presentations from other Government  agencies, namely the Anti-Money Laundering Steering Group, the Financial  Reporting Authority and the Financial Crime Investigations Unit within the  Royal Cayman Islands Police Service.

‘Based on their unique purposes and  activities, these NPOs were invited in for this targeted outreach session to  educate them on these risks’, said Paul Inniss, the Head of Compliance at  General Registry.
    ‘This session will help these NPOs to fulfil their administrative duties in    compliance with local laws and global standards for anti-money laundering,    countering the financing of terrorism, targeted financial sanctions and    proliferation financing’, he said.
      Mr Inniss facilitated the session, alongside Ben Evans of Financial      Transparency Advisors (FTA). The Ministry of Financial Services has      contracted FTA to assist with Cayman’s preparations for the 2020 CFATF      (Caribbean Financial Action Task Force) review of Cayman’s anti-money      laundering and counter terrorist financing regime.   
      Government is working to address the Caribbean Financial Action Task      Force (CFATF)’s March 2019 assessment of Cayman’s AML/CFT regime. The      report outlines certain recommended actions to be taken by the Cayman      Islands to strengthen the AML/CFT regime. The jurisdiction is under a      one-year “Observation Period” by the FATF, ending February 2020, in which      it is expected to correct strategic AML/CFT deficiencies. The FATF will      review the progress made by the Cayman Islands and, at its June 2020      Plenary, determine if the recommended actions have been taken.   
    As of 1 September, there were more than 450 churches, sports clubs,    philanthropic organisations and community groups registered with    Government. These entities, more typically referred to as charities, fall    within the scope of the Non-Profit Organisations Law, 2017. The law was    enacted in accordance with international standards to strengthen the Cayman    Islands’ regime to counter money laundering and terrorist financing.
    © 2019 Cayman Islands Ministry of Financial Services and Home Affairs. All    rights reserved.

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at