ANTI-MONEY LAUNDERING & COUNTER TERRORIST FINANCING
Accountants are gatekeepers for the financial system, facilitating vital transactions and information that underpin the Cayman Islands economy. The fight against crime demands that criminals be prevented from legitimising the proceeds of their crime by the process of "money laundering". Robust AML & CFT regimes are key to combating and deterring criminal activity, while instilling confidence in a jurisdiction, and protecting economic growth.
The legislation which comprises the Cayman Islands AML/CFT regime are: The Proceeds of Crime Law (2018 Revision) ("POCL"), The Terrorism Law 2018 ("TL"), and The Anti Money Laundering Regulations 2018 ("the AML Regulations").
In December, 2017, CIIPA became the AML Supervisory body for accounting firms and is charged with registering all accounting firms, monitoring for compliance, and issuing guidance, directives and procedures. The empowering legislation was the Anti Money Laundering (Designated Non-Financial Business and Professions) (Amendment) (No2) Regulations, 2017 ("DNFBP Regs").
What is Money Laundering?
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities.
What is Terrorist Financing?
Terrorist groups, like criminal organisations, must develop sources of funding, a means of laundering those funds, and a way of using those funds to obtain materials and logistical items to commit terrorist acts.
Who Needs to Register with CIIPA?
Any firm engaging in public practice, or providing accounting services including but not limited to bookkeeping, payroll, accounts preparation, tax advisory or tax compliance services must register with CIIPA by completing this form. Public Practice Firms already registered with CIIPA according to the Accountants Law, do not need to register separately.
CIIPA has carried out a risk assessment in relation to accounting services in the Cayman Islands which can be used by firms to inform their own risk assessment and for CIIPA to inform its supervisory plan. The full Risk Assessment can be found here. The complete Guidance for the accountancy profession can be found here.
In May of 2019, CIIPA hosted a series of lunch and learns, and the associated slide deck can be viewed here.
Please note the deadline to register your company with CIIPA is 30 May 2019.
Financial Sanctions Notices
Below are Financial Sanctions Notices which are also published on the Financial Reporting Authority's website. For further details or queries please contact the FRA at firstname.lastname@example.org.