Following a recent mutual evaluation report carried out by the Caribbean Financial Action Task Force, several shortcomings have come to light regarding several procedures in place in the Cayman Islands’ namely:
The practical implications of its anti-money laundering regime.
The investigation and prosecution of large-scale crimes.
The investigation and prosecution of foreign-generated predicate offences.
The government has responded by appointing a dedicated team, appointed by the Cayman Premier himself, who will produce and implement an inclusive action plan which will be brought into national legislation next financial year.