Cayman to take up CFATF Chair

(CNS): The Cayman Islands will be officially taking up its turn as chair of the Caribbean Financial Action Task Force (CFATF) this morning at the ministerial session of 32nd plenary meeting. The outgoing chair, the Netherlands Antilles, will hand over to Cayman in front of various overseas members and local officials including the governor and the premier. This CFATF meeting began on Tuesday and has focused on enhancing the levels of compliance with the international standards to combat Money Laundering and the Financing of Terrorism in the region.

In its most recent follow up mutual evaluation report in June of this year the Cayman Islands received ratings of compliant or largely compliant in fifteen of the sixteen core recommendations and a partly compliant rating on the remaining recommendation.

During this session of the CFATF meeting the Cayman Islands will be presenting the actions it is currently taking to ensure full compliance with the report’s recommendations.