CFATF meets in Cayman to discuss policy

(CNS): Representatives from the Caribbean Financial Action Task Force (CFATF) and the Financial Action Task Force (FATF) are visiting the Cayman Islands this week, but not on this occasion to put the jurisdiction’s regulations and standards under the spotlight. This time the government is hosting a three-day joint typologies meeting featuring policy makers and experts from the two groups, where the challenges facing the organisations will be discussed with local financial experts. McKeeva Bush, the premier and finance minister, said it was a significant event for Cayman.

“As CFATFco-chair, the Cayman Islands is delighted to host this event,” Bush said. “In the financial industry, the CFATF/FATF guidelines are considered one of the most recognised set of regulatory standards, and this meeting is a testament of CFATF’s commitment to keep abreast of the latest trends and challenges in the fight against financial crime.”

The three-day event will start on Wednesday, 18 November, and will take place at the Ritz Carlton Grand Cayman Resort. The meetings will consist of a series of workshops and roundtables, where delegates will discuss challenges facing the organisation in the areas of money laundering and terrorist financing. Critical topics include trends and indicators, policy and global threat assessment (financial crisis), as well as operational issues.

As a founding member of the CFATF, Cayman will be represented by government’s financial sector, including the Cayman Islands Monetary Authority, Financial Reporting Authority, Portfolio of Legal Affairs and the Attorney General’s Office.

The premier, who is expected to return from his overseas trip promoting the Cayman Islands financial services this evening, will be giving the opening remarks at the start of the meeting on Wednesday morning.