The Cayman Islands is currently undergoing its first National
Money Laundering/Terrorist Financing ("ML/TF") Risk
Assessment. The objective of a risk assessment is to identify the
threats or potential threats to the Anti- Money Laundering (AML)
regime that the jurisdiction has in place.
History
The requirement to perform a National Risk Assessment stems from
the Financial Action Task Force's (FATF) 40 Recommendations on
International Standards on Combating Money Laundering and the
Financing of Terrorism and Proliferation issued in 2012. The FATF
is an intergovernmental body established in 1989, and its mandate
is to set standards and to promote effective implementation of
legal, regulatory and operational measures for combatting money
laundering, terrorist financing and the financing of proliferation,
as well as other related threats to the integrity of the
international financial system. This is achieved by member
countries, of which there are 34, adopting these
