AML/CFT Strategic Framework

The Cayman Islands' AML/CFT Strategic Framework has been developed to address the outcomes of the national risk assessment on money laundering and terrorist financing. This strategy outlines the jurisdiction’s approach to combating money laundering (ML), terrorist financing (TF), and proliferation financing (PF), aiming to strengthen the AML/CFT/CFP framework. It also highlights the Cayman Islands Government’s commitment to prioritizing and achieving key objectives in the fight against financial crime, ensuring compliance with international standards set by the Financial Action Task Force (FATF). The key goals of this strategy include:

• Enhancing the legal and regulatory AML/CFT framework within the jurisdiction;
• Implementing a robust, risk-based supervisory framework;
• Strengthening sanctions, intelligence gathering, and enforcement mechanisms;
• Improving domestic cooperation and coordination among relevant agencies;
• Establishing an efficient and effective system for international cooperation;
• Raising awareness and understanding of AML/CFT issues among stakeholders and the general public;
• Continuously monitoring and assessing emerging risks to adapt the strategy accordingly.

Several national stakeholders play a pivotal role in shaping and executing the national AML/CFT strategy and policy, including:

• Anti-Money Laundering Steering Group (AMLSG)
• Inter-Agency Coordination Committee (IACC)
• Anti-Money Laundering Unit (AMLU)
• Ministry of Financial Services
• Law enforcement agencies and other regulatory bodies

These entities work collaboratively to ensure that the Cayman Islands maintains a strong and adaptive AML/CFT regime, capable of addressing current and future challenges in the global financial landscape.