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

Media Release

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

Ministry Showcases Cayman Strengths to Leading Asian Stakeholders

Ministry Showcases Cayman Strengths to Leading Asian Stakeholders

May 25, 2023 |

A team from the Ministry of Financial Services & Commerce completed an engagement trip to Hong Kong and Singapore last week, to bolster relationships with financial services industry stakeholders and engage various authorities in Hong Kong and Singapore; as well as promote the Cayman Islands advanced intellectual property (IP) framework at the International Trademark Association (INTA) 2023 Annual Meeting (the world’s top IP forum) held in Singapore 16-20 May 2023.

Cayman Presents AML Progress to FATF in Mexico

Cayman Presents AML Progress to FATF in Mexico

May 5, 2023 |

Attorney General, the Hon. Samuel Bulgin, KC and Minister for Financial Services and Commerce, the Hon. André Ebanks, are leading a Cayman Islands Government delegation to Mexico to update the Financial Action Task Force (FATF) review group on the progress being made with Cayman’s money laundering investigations and prosecutions.