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Article: Anti-Money Laundering Review.(Cayman Islands)
- Article from:
- Mondaq Business Briefing
- Article date:
- May 12, 2003
- Author:
CopyrightCOPYRIGHT 2003 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By James Bergstrom, Partner
KEY POINTS
The Cayman Islands maintains a robust anti-money laundering regime, which it began implementing as early as 1984. The creation of the Cayman Islands Monetary Authority ("CIMA") in 1996 put in place a central regulator ensuring that financial services continued to meet international standards.
Following the Organisation for Economic Cooperation and Development ("OECD"), Financial Action Task Force ("FATF") and Financial Stability Forum ("FSF") initiatives and the KPMG Report, there was an unprecedented flurry of legislative activity, which updated the statutory framework to meet the highest international ...