What’s Happening?

The Cayman Islands tightens financial services legislation

On July 26, 2019, the Cayman Legislative Assembly (CLA) passed several pieces of legislation regarding strengthening Cayman’s regulatory framework. Most of the legislation seeks to address the deficiencies in Cayman’s current structure as outlined in their MER and includes:

  • measures to bolster the financial services industry, including funding for 100 new positions for enforcement purposes and
  • strengthening of the Anti-Money Laundering Unit at the Cayman Islands Monetary Authority and a dedicated cross-border Money Laundering and Terrorist Financing Task Force within the Royal Cayman Islands Police Service.

 For a comprehensive list of legislation passed please see the website of the CLA.

Notably, five amendments were made to the Companies Law, 2018 with respect to:

  1. Identification of legal persons.
  2. Voting rights.
  3. Change of directors and officers.
  4. Publicly available registers.
  5. Sanctions- increased fines for repeat offences.

This bulletin is shared on a monthly basis by the CFATF Research Officers.

For further information please contact:

 Risha Pragg-Jaggernauth

Tel: 1 868 623 9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

 

Brionne Antoine

Tel: 1 868 623 9667 ext. 2205 Email: Brionne.Antoine@cfatf.org