The Proceeds of Crime Law (2020 Revision) The ('POCL') set the foundation for AML/CFT/CPF regulation in the Cayman Islands by:
Creating various agencies, including the Financial Reporting Authority (‘FRA’), Anti-Money Laundering Steering Group and Inter-Agency Coordination Committee
Creating criminal offences relating to money laundering, including money laundering, failure to report a suspicious activity, and tipping off.
Setting out available investigative and prosecutorial tools, including tracing property, freezing, restraining, confiscation and forfeiture.
The POCL also defines the term “Relevant Financial Business.” This definition can be found in Section 2 and Schedule 6 of the POCL. This definition sets the scope of who must comply with the Anti-Money Laundering Regulations (2020 Revision).
The POCL requires that a person who knows or suspects, or has reasonable grounds for knowing or suspecting, that another person has committed a money laundering offence, based on information the person received in the course of business in the regulated sector, file a suspicious activity report with the FRA or the person’s Money Laundering Reporting Officer, as soon as possible. Failure to do so constitutes an offence.