Cayman to strengthen Anti-Money Laundering Regulations
It has been announced by the Cayman government that the offshore country’s legislature will shortly debate new legislation that will be aimed at strengthening the jurisdiction’s anti-money laundering defences.
The bill to be debated is a fully revised version of the Proceeds of Criminal Conduct Law. According to Attorney General Samuel Bulgin, this revised version proposes to further modernise the anti-money laundering legislative and institutional frameworks in the Cayman Islands.
A civil forfeiture component will be introduced by the new anti-money laundering bill. This will allow for confiscation of proceeds. Evidence often shows that such proceeds flow from unlawful conduct, however there is no criminal conviction.
The above-mentioned bill is part of a legislative programme that includes scrutinising a Police Law and an anti-corruption bill, as well as legislation that regards the financial industry, the criminal justice system and many other laws.