Anti-Money Laundering Review

The Cayman Islands maintains a robust anti-money laundering regime, which it began implementing as early as 1984. The creation of the Cayman Islands Monetary Authority ("CIMA") in 1996 put in place a central regulator ensuring that financial services continued to meet international standards.

Following the Organisation for Economic Cooperation and Development ("OECD"), Financial Action Task Force ("FATF") and Financial Stability Forum ("FSF") initiatives and the KPMG Report, there was an unprecedented flurry of legislative activity, which updated the statutory framework to meet the highest international standards. This effort was recognised by confirmation on 21 June 2002 that the Cayman Islands had addressed all previous deficiencies and no longer required non-cooperative-jurisdiction monitoring by FATF.