27 May 2016
A bill that will seek to prevent money launderers and terrorist financiers from using non-financial services-related businesses in the Cayman Islands to carry out their illicit deeds is expected to come before lawmakers in the fall, Financial Services and Commerce Minister Wayne Panton confirmed this week.
The legislation, which seeks to be implemented well ahead of a pending 2017 review for Cayman by the Caribbean Financial Action Task Force, is expected to put the government’s Department of Commerce and Investment in charge of monitoring compliance with the new rules for local industries that do not already have legally recognized self-monitoring professional organizations.
Those industries expected to fall under the department’s remit include real estate companies and precious metals dealers.
Mr. Panton said Cayman will be quite familiar with periodic reviews done by the Financial Action Task Force, but the one due to occur in the second half of 2017 will be different than those the territory has experienced in the past.
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