CIFSA welcomes FATF Review of Cayman Anti-Money Laundering
It has already been discussed that, according to the report, the Cayman Islands was “compliant†or “largely compliant†with 38 of the FATF Recommendations as regards combating money laundering and terrorist financing.
In the middle of December 2007, the Cayman Islands Financial Services Association (CIFSA) welcomed the results of a recent review of Cayman anti-money laundering framework by the Caribbean Financial Action Task Force (CFATF). The Association congratulated the Cayman government, the Cayman Islands Monetary Authority (CIMA) as well as private sector representatives that participated in the onsite review conducted in June 2007.
Mr. Eduardo Silva, Chairman of CIFSA, said that “all of the various entities and individuals, and particularly the Cayman Islands Monetary Authority should be congratulated for this resultâ€. He also noted that the CFATF report is a huge endorsement of Cayman Islands anti-money laundering framework.