Seven payments rolled out to deal with AML points

Real estate still poses high risk of money laundering

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(CNS): Seven amendment bills to strengthen the powers of the Cayman Islands Monetary Authority (CIMA) and widen the anti-money laundering net have been published in the government gazette. The bills propose changing laws that were passed as far back as 2010 and as recently as 2021 to help the regulator apply “proportionate and dissuasive sanctions” to individuals that fall under its supervision.

The changes were made in consultation with local members of the financial services industry and are now open for wider public consultation. All seven are expected to be presented by Financial Services Minister André Ebanks at the next sitting of parliament.

“Ultimately, they are intended to improve our AML enforcement regime and further strengthen our local and international cooperation,” Ebanks said. “This maintains the integrity of the local and international financial services industry.”

If they pass, the bills will extend CIMA’s sanctions to those in…

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