The Supervision Project - First targeted AML/CFT Supervision Training delivered to The Cayman Islands

The Supervision Project – Strengthening Supervisory System seeks to improve the level of Technical Compliance and Effectiveness of CFATF Member countries as it relates specifically to strengthening Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) supervisory frameworks. The Cayman Islands was the first Member of the CFATF to receive this type of training, which was delivered during the period January 8-10, 2020 by Ms. Glenda Leben, Supervision Advisor at the CFATF. 

To read more, click on the following link:  Supervision Project - 1st Training delivered to Cayman Islands

 

 

Central Bank of The Bahamas launches Project Sand Dollar

The Central Bank of The Bahamas will introduce a digital version of the Bahamian dollar through an initiative titled ‘Project Sand Dollar’. The sand dollar is also the name given to the proposed central bank digital currency (CBDC), which is part of the Bahamian Payments System Modernization Initiative (PSMI). The main objective of the Project is improving financial inclusion and access to all citizens of The Bahamas.

Full details on Project Sand Dollar can be found here.

 

For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623-9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

 Brionne Antoine

Tel: 1 868 623-9667 ext. 2205 Email: Brionne.Antoine@cfatf.org

 

Crime agencies host workshop on combatting terrorism financing in Turks and Caicos Islands 

A one-day workshop on combatting terrorism financing was held at the Financial Services Commissions’ office in Grand Turk on November 6, 2019. The participants were public sector workers from the Attorney Generals Chambers, the Financial Services Commission and the Customs Department.

The workshop was hosted by the Office of the Director of Public Prosecution, the Financial Crimes Unit, the Customs Department and the Financial Intelligence Agency.  Deputy Director of Public Prosecution Angela Brooks, Detective Inspector Paulin Nemours, Senior Customs Intelligence and Investigations Officer Gregston Been and Supervisory Intelligence Officer Haiden Spring of the FIA facilitated the workshop. 

The workshop focused on basic investigation techniques, the powers of law enforcement in the prevention of terrorist financing, partnerships in the fight against terrorist financing and methods of detection to prevent terrorist financing. Through a Government press release, the country stated that it is continually enhancing its measures to fight money laundering and financing of terrorism. The country also recognizes the significance of sharing this information with the relevant authorities to meet the obligations of the FATF.

The full article on the workshop can be read here

For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623 9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

Brionne Antoine

Tel: 1 868 623 9667 ext. 2205 Email: Brionne.Antoine@cfatf.org

 

 

 

Asset Recovery Workshop - Cayman Islands Financial Investigation Agencies

Representatives from several financial investigation and international asset recovery agencies in the Cayman Islands participated in a Domestic and International Asset Recovery Workshop on September 11-12, 2019. The workshop, which was attended by representatives from the Office of the Director of Public Prosecutions, Financial Reporting Authority, RCIPS Financial Crime Investigation Unit, Joint Intelligence Unit, and Joint Crime Task Force, served to improve the agencies’ knowledge and capabilities around investigating and recovering assets involved in financial crime cases, especially in instances where international cooperation is necessary.

The workshop was led by International Asset Recovery Advisor, Jill Thomas, who has previously worked with agencies such as Europol. It was organized as part of government’s efforts to bolster the country’s financial investigation capabilities, in response to recommendations made in the Cayman Islands’ Fourth Round of Mutual Evaluations Report.

For further information and photos, please see: https://www.rcips.ky/ci-financial-investigation-agencies-participate-in-asset-recovery-workshop

For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623 9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

 Brionne Antoine

Tel: 1 868 623 9667 ext. 2205 Email: Brionne.Antoine@cfatf.org

 

Bermuda to accept Digital Currency in 2020

From January 2020, Bermuda will begin to accept digital currency as a form of payment for government taxes, fees and services. Premier David Burt made the announcement at the beginning of the Bermuda Tech Summit, saying the acceptance of the payments “will establish Bermuda as an example to other jurisdictions on how to adopt and benefit from the advancement of technology around digital currencies”. Once companies are licensed by the Bermuda Monetary Authority, digital payments will be permitted, in the form of stable coins. A stablecoin is a form of cryptocurrency designed to offer price stability by linking it to a less volatile reserve asset or basket of assets, such as fiat currencies or exchange-traded precious metals. In Bermuda, the stablecoins will be pegged to the US dollar and derive their value from the fiat currency.

Bermuda has passed the Digital Asset Business Act for initial coin offerings. The country has also established a regulatory sandbox allowing digital asset companies to develop their services on a limited scale in order to give supervisory authorities the opportunity to study the best regulatory approach. The government of Bermuda’s believes that there are many start-ups interested in becoming licensed under the Bermuda Digital Asset Business Act and are ready to develop future financial services based on digital dollars.

The full article on Bermuda can be found here.

 

For further information please contact:

Risha Pragg-Jaggernauth

Tel: 1 868 623-9667 ext. 2206 Email: risha.pragg-jaggernauth@cfatf.org

 Brionne Antoine

Tel: 1 868 623-9667 ext. 2205 Email: Brionne.Antoine@cfatf.org

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