The Registrar for NPOs (non-profit organisations) has concluded that charitable organisations in the Cayman Islands pose a low risk for the financing of global terrorist activities.
The Registrar’s assessment is included in Cayman’s response to the CFATF (Caribbean Financial Action Task Force)’s review of our anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF) regime.
‘This result reflects positively on our local NPOs, and they should be commended for having governance structures in place that protect themselves, our country, and indeed countries worldwide against that type of abuse’, said Paul Inniss, the NPO Registrar at General Registry.
CFATF published its report on Cayman’s regime in March 2019 and gave Cayman an observation period, which ended in February 2020, to correct strategic AML/CFT/CPF deficiencies.
CFATF is the regional body that monitors compliance with the global AML/CFT/CPF regulatory standards set by the Financial Action Task Force (FATF).
Update: 21 April 2020
This article has been updated to include the assessment document: