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Money laundering is the process of illegally ... increasing fines for breaches of money laundering regulations. ... Antilles, Cayman Islands, Vanuatu ...
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. [2]The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
The tightening of anti-money laundering regulations in many countries including most popular offshore banking locations means that bankers and other service providers are required by law to report suspicion of money laundering to the local police authority, regardless of banking secrecy rules. There is more international co-operation between ...
A report published by the International Monetary Fund (IMF), in March 2005, assessing supervision and regulation in the Cayman Islands' banking, insurance and securities industries, as well as its money laundering regime, recognised the jurisdiction's comprehensive regulatory and compliance frameworks. "An extensive program of legislative, rule ...
In June 2000, the Cayman Islands was listed by multilateral organisations as a tax haven and a non-cooperative territory in fighting money laundering. The country's swift response in enacting laws limiting banking secrecy, introducing requirements for customer identification and record keeping, and for banks to cooperate with foreign ...
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
Money laundering. In 2000 the FATF began a policy of assessing the cooperation of all countries in programmes against money laundering. Considerable tightening up of both regulation and implementation was noted by the FATF over subsequent years (see generally FATF Blacklist). Most of the principal OFCs strengthened their internal regulations ...
Secondary regulation is provided by the Money Laundering Regulations 2003, [85] which were replaced by the Money Laundering Regulations 2007. [86] They are directly based on the EU Directives 91/308/EEC, 2001/97/EC and (through the 2007 regulations) 2005/60/EC. The regulations list a number of supervisory authorities who have a role in ...