Amendment Bills to Strengthen CIMA’s AML Enforcement, Information Sharing Passed in Parliament

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Media Release

3 May 2023

During the latest meeting of Parliament, which took place on 26-28 April, seven amendment Bills that strengthen the Cayman Islands Monetary Authority's (CIMA) powers to apply proportionate and dissuasive sanctions to all types of legal persons within its supervision were passed.

The Bills, presented by the Minister for Financial Services and Commerce, the Hon. André Ebanks, were:

Monetary Authority (Amendment) Bill, 2023;
Companies Management (Amendment) Bill, 2023;
Directors Registration and Licensing (Amendment) Bill, 2023;
Insurance (Amendment) Bill, 2023;
Money Services (Amendment) Bill, 2023;
Securities Investment Business (Amendment) Bill, 2023; and the
Virtual Asset (Service Providers) (Amendment) Bill, 2023.

In addition, other amendments to the Monetary Authority Act allow CIMA to spontaneously share non-public information of criminal conduct uncovered during the carrying on of its duties with an overseas regulatory authority.

For more information, please contact financialservices@caymangov.ky

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