Under recent changes to the Cayman Islands Anti-Money Laundering Regulations, the powers of the Cayman Islands Monetary Authority (CIMA), as the supervisory authority for anti-money laundering in the Cayman Islands, have been enhanced to allow CIMA to obtain information in relation to any relevant financial business from a broader category of persons than was previously the case.

Additionally, CIMA, any competent authority or government body were given the statutory authority to share or provide information among themselves for the purpose of assessing money laundering or terrorist financing risks, or discharging any function under the Proceeds of Crime Law.

Both of these changes demonstrate the Cayman Islands Government’s commitment to having an anti-money laundering regime that continuously seeks to employ best practice and ensure effective supervision of the financial services industry in the Cayman Islands

Harneys published an article on 18 June 2019 which can be found here.