News
CFATF Plenary Meeting Held
Over 300 participants received a warm welcome to the Cayman Islands at the opening of the Caribbean Financial Action Task Force (CFATF) 55th Plenary Meeting being held in Grand Cayman at the Kimpton Seafire Resort Wednesday, 30 November 2022.
This is the third time that the Cayman Islands hosted the CFATF plenary held Wednesday and Thursday and the first time held in-person post COVID-19 pandemic restrictions.
The participants included some 200 delegates from overseas including from the UK, USA, Canada, France, Mexico, Spain, Netherlands; relevant international organisations such as the ECCB, UNODC, World Bank and RSS ARU; and the Financial Action Task Force (FATF) secretariat.
Some 130 local delegates, representing a wide cross-section of competent authorities, representatives from the Anti-Money Laundering Steering Group and the Inter-Agency Coordination Committee, also participated.
Attorney General, Hon. Samuel Bulgin, KC, JP, who takes the chair of the CFATF for one year from Bermuda, emceed the proceedings.
A primary purpose of the CFATF is to implement and monitor measures to address money laundering (ML), terrorism financing (TF) and proliferation financing (PF) with respect to weapons of mass destruction, in line with international standards set by the Financial Action Task Force (FATF).
After the National Anthem and National Song by Miss Jhenelle Colquhoon and prayer by Pastor Obed Babb, His Excellency the Governor, Mr. Martyn Roper, OBE in his opening remarks said: “As Governor, I am responsible for providing support to the Cayman Islands Government in their efforts to tackle transnational crimes relating to money laundering, terrorism financing, and the financing of proliferation. In recognition of Cayman’s ability and willingness to comply with international conventions and regulations, the UK has extended both the United Nations Convention Against Corruption and the International Convention for the Suppression of the Financing of Terrorism to the Cayman Islands.
“Cayman is working hard to ensure it meets all its international obligations including those from CFATF. It has a strong track record of doing so as a highly professional, efficient and well-regulated financial services industry.”
The Premier, Hon. Wayne Panton, JP, MP, in his remarks said: “As Premier of the Cayman Islands, I reiterate my government’s commitment at the highest level to the continued enhancement of our anti-money laundering, countering the financing of terrorism, and combatting the financing of proliferation framework. We look forward to continued collaboration with international partners in this endeavour.
“As we navigate through the final leg of the FATF ICRG process, I take this opportunity to thank members of the Anti-Money Laundering Steering Group, headed by our Honourable Attorney General; the Inter-Agency Coordination Committee; and all the very capable and dedicated professionals within the various competent authorities.”
Financial Services Minister Hon. André Ebanks said, "The Ministry of Financial Services has a seminal role in the AML/CFT/CPF regime of the Cayman Islands, with a number of regulatory authorities and agencies under the Ministry's remit. It is therefore crucial to be part of the country's efforts to host such significant and timely AML/CFT discussions at the 55th CFATF Plenary.”
In closing, CFATF Chairman from Bermuda during the plenary, Mrs. Cheryl-Ann Lister heartily welcomed incoming Chairman Hon. Samuel Bulgin and wished him a fruitful year.
