Money laundering file photo

BRIDGETOWN, Barbados, December 13, 2007 - Cayman Islands has scored high for its efforts to combat money laundering and terrorist financing in its financial services sector.

The Caribbean Financial Action Task Force (CFATF) said after rigorous evaluation, it had rated the country either compliant or largely compliant with 38 out of the 40 Financial Action Task Force (FATF) anti-money laundering recommendations and the nine special recommendations for combating the financing of terrorism.

"The CFATF report validates the Cayman Islands' sustained and serious approach to compliance with international standards," said Cayman Islands' Financial Secretary, the Hon. Kenneth Jefferson.

"We look forward to reporting to the CFATF plenary in May 2008 on progress on the handful of matters remaining to be addressed."

The focus will now switch to implementation, under the auspices of the Cayman Islands' Anti-Money Laundering Steering Group, of the matters in the evaluation report that indicate less than full compliance.

CFAFT's report on the overseas United Kingdom territory was officially approved at the CFATF's recent 26^th plenary and 14^th Ministerial meeting in San Jose, Costa Rica

The CFATF was established in 1992 and is an FATF-style regional organisation of 30 states in the Caribbean basin which aims to achieve effective implementation amongst its membership of measures to combat money laundering and terrorist financing.

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