Premier André Ebanks said the Cayman Islands is taking a proactive approach to international financial services compliance ahead of a major Financial Action Task Force (FATF) assessment next year.
“You never want to feel comfortable – you want to feel on edge,” he told Cayman Independent.
Maintaining a mindset of being behind was the same approach that helped Cayman exit the FATF grey list during his previous term as minister for financial services, he said.
The premier added that it is the same mindset he hopes will prepare the islands for assessments at the end of 2027.
Removal from the FATF grey list in 2023 indicated satisfaction by the entity in Cayman’s progress in fighting money laundering and establishing a beneficial ownership regime.
As the next round with FATF nears, Ebanks stressed that rushing legislation at the last minute could undermine both government credibility and the private sector’s ability to adapt.
“You don’t want to be passing legislation a month before the assessors arrive,” he said.
Part of that legislative work has already been completed with the amended Proceeds of Crime Act passed in the most recent sitting of parliament, Ebanks said on Radio Cayman on 22 May.
The legislation establishes an anti-money laundering steering group with the minister for financial services as the chair and the attorney general remaining a member.
“The lion’s share of the legislation that is required for the assessment falls under the domain of the Ministry of Financial Services,” he said, explaining the decision to add the minister to the group.
He also noted that the current attorney general, a close partner through Cayman’s engagements with FATF, the OECD and the EU, would not remain in the post indefinitely.
“This existing, wonderful AG won’t be here forever. He’s now coming towards the sunset, and we don’t know whether the next AG will have the same interest and passion in these issues,” he said.
The Office for Strategic Action on Illicit Finance, established last year, is also up and running, Ebanks added, with its focus on preparing for the FATF assessment.
Premier Ebanks attended the 62nd Caribbean Financial Action Task Force Plenary in Trinidad which was held from 25 to 29 May.
He engaged in further discussions around anti-money laundering, counter-terrorist financing, international cooperation and emerging financial crime trends.
On social media, he described “two remarkable days” in Port of Spain, marked by meetings with high-level Trinidadian officials, including the attorney general and minister for foreign affairs.
“From formal government sessions to innovative, brainstorming discussions, it was a whirlwind of productive networking,” Ebanks wrote.
