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

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

More News

Deputy Premier Engages with US Congress, Media and Industry

Deputy Premier Engages with US Congress, Media and Industry

Reinforcing and reaffirming the Cayman Islands’ relationships with US policymakers, regulators and industry, the Deputy Premier and Minister for Financial Services and Commerce, the Hon. André Ebanks MP, visited Washington DC and New York City from 13-21 March to listen to their current views on global industry matters, and to update them on our Islands’ soundness and business viability.