The commencement order was published on 28 October 2020.
These enforcement provisions allow the Cayman Islands Monetary Authority (CIMA) to take action where a person breaches certain provisions of the VASP Act.
For more information, email CIMA at vaspinfo@cima.ky.
During this week’s meeting of Cabinet, the establishment of a Cayman Islands Government Asia Office based in Singapore was approved by Cabinet.
A delegation from the Americas Joint Group (Joint Group), a sub-working group of the Financial Action Task Force’s (FATF) International Co-Operation Review Group (ICRG), completed its onsite visit to the Cayman Islands on Friday, 1 September.
The Cayman Islands is advancing its AML/CFT regime whilst reinforcing its commitment to global efforts in combating money laundering and terrorist financing with the introduction of the Beneficial Ownership Transparency Bill, 2023.
Having now fully satisfied the action plan given by the Financial Action Task Force (FATF), the Cayman Islands is eligible to be removed from the list of countries the FATF is monitoring for deficiencies in their anti-money laundering and countering the financing of terrorism (AML) regimes, subject to successful completion of an onsite visit by the FATF.