CILPA is appointed as the Anti-Money Laundering/Counter Terrorist Financing supervisor for firms of attorneys-at-law within the Cayman Islands pursuant to Section 4(9) of the Proceeds of Crime Law (2020 Revision) and Regulation 55B of the Anti-Money Laundering Regulations (2020 Revision). CILPA delegated this supervision function to its operationally independent regulatory arm, CARA.
these regulations prescribe measures to be taken to prevent the use of the financial system for the purposes of money laundering, terrorism financing and proliferation financing. The relevant regulatory framework in the Cayman Islands also includes the Proceeds of Crime Law, the Terrorism Law and the Proliferation Financing (Prohibition) Law.
The Cayman Islands are a founding member of the Caribbean Financial Action Task Force (‘CFATF’), which is an FATF-style regional body. The Cayman Islands are also a member of Asset Recovery Inter-Agency Network for the Caribbean (‘ARIN-CARIB’), a regional asset recovery network. The Financial Reporting Authority (‘FRA’) is a member of the Egmont Group, an international network of financial intelligence units.
