November 1 2017
This client briefing addresses recent changes to the Cayman anti-money laundering framework – in particular those made by the Anti-Money Laundering Regulations, 2017 (AML Regulations), which came into force on 2 October 2017.
The Cayman anti-money laundering framework comprises:
The Proceeds of Crime Law (2017 Revision) (PCL), specifically Part V of that law, which came into force in May 2017;
The AML Regulations, made by the Cabinet pursuant to specific powers in the PCL, which repealed the old Money Laundering Regulations (2015 Revision);
The guidance notes (Guidance Notes) on the prevention and detection of money laundering and terrorist financing in the Cayman Islands dated August 2015, prepared by the Cayman Islands Monetary Authority (CIMA) pursuant to specific powers in the Monetary Authority Law. The Guidance Notes are currently being reviewed and will be updated in due course.