CARA’s purpose is to ensure a high standard of AML compliance across the legal sector within the Cayman Islands. By doing so, we will also assist the Cayman Islands in meeting its international obligations.
Our supervision department aims to assist firms of attorneys-at-law in implementing effective AML compliance and to ensure firms meet the requirements of the AMLRs, with the most clear and serious breaches referred to Enforcement.
Whilst we set the standards by which firms of attorney-at-law operate in relation to AML compliance, it is not a substitute for robust governance. Firms are expected to develop a culture of responsibility to identify money laundering, terrorism finance and proliferation finance risks, or potential risk, and take appropriate steps to mitigate.
CARA acts in the public interest. We work with firms to help strengthen public confidence and trust in the legal profession, both locally and internationally, by ensuring firms have effective AML processes, procedures and systems and controls in place to prevent the legal system being used to launder criminal or terrorist funds.