Portfolio of Finance & Economics

February 24, 2005 13:57 ET

Compliance Conference in the Cayman Islands to Discuss Latest Measures in Global Anti-Money Laundering and Crime Prevention



FEBRUARY 24, 2005 - 13:57 ET

Compliance Conference in the Cayman Islands to Discuss
Latest Measures in Global Anti-Money Laundering and
Crime Prevention

GEORGE TOWN, Grand Cayman--(CCNMatthews - Feb 24, 2005) -

Government Applauds Financial Services Industry Leadership in Upholding
Cayman's Commitment to International Co-Operation

The Second Annual Caribbean Regional Compliance Conference kicked off
today in the Cayman Islands bringing together a number of noted
international experts discussing current issues and trends in anti
money-laundering prevention, crime enforcement and international

"We fully support and commend our industry for continuing to help Cayman
stay at the forefront in this important area of the global financial
services industry," said Kenneth Jefferson, Financial Secretary, Cayman
Islands Government. "This conference is an example of how the private
sector can work with governments and key international organizations to
ensure that appropriate transparency and accountability in the industry
worldwide is achieved."

The Conference, organized by the Cayman Islands Compliance Association
in partnership with similar groups from the Bahamas, Barbados, British
Virgin Islands and Trinidad, is featuring leading experts in the areas
of risk management and regulatory compliance including:

-- Bill McCloskey, Chairman of the Organisation for Economic
Development and Co-operation's (OECD) Committee of Fiscal Affairs

-- Paul Byron, Senior Trial Attorney in the U.S. Department of
Justice's Asset, Forfeiture and Money Laundering Section

-- Calvin Wilson, Executive Director of the Caribbean Financial Action
Task Force (CFATF) based in Trinidad

"From the industry's perspective, we have a responsibility to keep
up-to-date with global dialogue and discussion about risk management and
regulatory compliance," said Mr. Martin Livingston, President of the
Cayman Islands Compliance Association and lead organizer of the
conference. "The face of regulation is constantly changing.
Sarbanes-Oxley, Basel II and other developments require diligence on our

The Cayman Islands Government has been continuously working both
domestically and internationally to maintain a strong regulatory and
compliance framework. Domestically, this includes adherence to the
Financial Action Task Force (FATF) international anti-money laundering
standards and the Basel Committee, International Organisation of
Securities Commission (IOSCO) and International Association of Insurance
Supervisors (IAIS) global standards in the regulation of financial
services and updates to governing legislation. Internationally, this
includes bilateral mutual co-operation arrangements such as the mutual
legal assistance treaty with the U.S. and various regulatory
co-operation arrangements maintained by the Cayman Islands Monetary
Authority, http://www.cimoney.com.ky.

Building on 40 years of steady, consistent growth, the Cayman Islands
financial services industry continues to be one of the top ranked in the
world in terms of quality and assets under management. The industry
encompasses banking, trust services, mutual funds, insurance, vessel
registration, capital markets products and the Cayman Islands Stock

Note to Editors: A complete copy of the program for the Second Annual
Caribbean Regional Compliance Conference is available through the
contact listed. Interviews with conference presenters can also be


Contact Information

    Portfolio of Finance & Economics, George Town
    Ted Bravakis, 345-925-7109
    e-mail: ted.bravakis@gov.ky