s.5Anti - Money Laundering Stee ring Group
5
Section 5Part 2 — The Financial Reporting Authority

Anti - Money Laundering Stee ring Group

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There shall continue to be established a body called the Anti - Money Laundering Steering Group appointed by the Cabinet and consisting of —
the Attorney General, who shall be the chair person ;
the chief officer in the Ministry responsible for Financial Services or the chief officer ’ s designate who is the deputy chair person ;
the Commissioner of Police;
the Director of Customs and Border Control ;
the Managing Director of the Monetary Authority appointe d under section 13 of the Monetary Authority Act (2020 Revision) ;
the Solicitor General; (fa) the Chair person of t he Anti - Corruption Commission;
the Director of Public Prosecutions; and
the chief officer or Director, as the case may be, of the department in Government charged with responsibility for monitoring compliance with Regulations made under section 145 in relation to persons conducting “ relevant financial business ” who are not otherwise subject to such monitoring by the Monetary Authority.
The Steering Group is responsible for t he general oversight of the anti - money laundering policy of the Government which includes —
where the Steering Group considers it necessary to do so, and after consultation with the Monetary Authority, designating jurisdictions as having measures for c ombating money laundering and the financing of terrorism which are equivalent to that of the Islands;
determining the general administration of the business of the Financial Reporting Authority;
overseeing and inspecting the work of the Financial R eporting Authority;
reviewing annual reports submitted by the Director under section 11(b);
promoting effective collaboration among competent authorities in a manner that ensures the compatibility of the requirements for combating money laundering and terrorist financing with the law protecting personal data, privacy and related matters in the Islands ;
monitoring interaction and cooperation with overseas financial intelligence units; and
taking such other measures which may be necessary to e nsure compliance with requirements within the Islands for the combating of money laund ering and terrorist financing. ( 2A ) A designation under subsection (2)(a) shall be made by notice in writing and such notice shall be published by the Steering Group in the Gazette , on the website of the Monetary Authority and on any other government website determined by the Steering Group .
The Steering Group may regulate its own procedure. ( 3A ) The Steering Group shall appoint a committee for the purposes set out in subsection (3B) whose members shall consist of the following persons —
the person at the head of the department of Government tasked with promoting compli ance with anti - money laundering, counter terrorism financing and anti - proliferation financing measures who shall be the chair person of the committee; and
a representative from the following —
the Financial Reporting Authority;
each statutory a uthority, department of Government or agency tasked with regulation for anti - money laundering, counter terrorism financing and anti - proliferation financing purposes;
the unit within the Royal Cayman Islands Police Service tasked with the responsibili ty of investigating and prosecuting an offence relating to a financial crime; (iiia) the A nti - Corruption Commission;
the department of Government known as the Customs Department; and
the Office of the Director of Public Prosecutions, and any other person that the Steering Group considers it necessary to appoint for the purposes for which the committee is appointed. ( 3B ) A committee appointed pursuant to subsection (3A) shall — (a) implement or cause the implementation of the policies established by the Steering Group; (aa) ensure the compatibility of requirements for combating of money laundering and terrorist financing with the law protecting personal data and privacy and r elated matters in the Islands; ( b ) facilitate the coordination and cooperation b etween each statutory authority, department of Government or agency tasked with regulation for anti - money laundering, counter terrorism financing and anti - proliferation financing purposes; and
assess the risks to the Cayman Islands related to money lau ndering, counter terrorism financing and proliferation financing.
The validity of any proceedings of the Steering Group shall not be affected by any vacancy among the members or by any defect in the appointment of a member.

Cross References

  • Section 13 of Monetary Authority Actexternal

    Reference to Monetary Authority Act

Referenced By