The Insurance Act amendment is intended to strengthen the Cayman Islands’ position in international reinsurance and domestic insurance. The Public Recorder Act amendment is part of Government’s initiative to ease senior citizens’ financial burdens.
The Cayman Islands Parliament passed both Acts on 8 June, during its First Sitting of the Third Meeting of the 2021-2022 Session. His Excellency the Governor assented to both Acts on 24 June.
More information on the legislation is here.
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.