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Compass News
Cayman preps for AML/CFT evaluation
The government moves to secure Cayman’s standing as a well-regulated financial centre.
Cabinet has given the green light to draft several pieces of legislation aimed at strengthening the islands’ regulatory framework.
The Financial Action Task Force is the global watchdog for money laundering and terrorist financing.
Cayman was removed from its “grey list” in 2023 following a multi-agency effort to enhance AML/CFT rules and enforcement.
The planned amendments include oversight of churches’ finances and clarifying rules for virtual asset providers.
It’s all part of the government’s preparations for the next mutual evaluation – set for 2027.
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Cayman Compass
Runway extension project questioned at public meeting
A public meeting about a proposal to extend the runway of Grand Cayman’s Owen Roberts International Airport addressed questions and concerns surrounding the $28 million project.
Cayman Islands Airports Authority CEO Albert Anderson explained at Tuesday evening’s meeting, held at the airport, that the idea for the proposed 2,000-foot extension of the runway into the North Sound had originated following discussions with UK airlines British Airways and Virgin Atlantic, which had stated they needed a runway that’s at least 8,000 feet long to bring their larger aircraft to Cayman.
The meeting was held as part of a public consultation into the terms of reference for an environmental impact assessment of the extension plan. Making the runway longer to accommodate larger BA and Virgin Atlantic planes is one of several proposed developments at all three of Cayman’s airports laid out in a master plan that was released in 2023.
