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International Monetary Fund

predicate offences under Cayman law. The criminalization of FT is in accordance with FATF requirements. The confiscation regime meets most standards and is effective. There are no specific provisions for asset tracing but these are to be incorporated in proposed revised legislation. 3. The Cayman Islands’ financial intelligence unit, the Financial Reporting Authority (FRA), is effective and is a focal point of the AML/CFT regime. It was admitted to the Egmont Group in 2001. The law enforcement and prosecutorial authorities are adequately empowered and competent to

International Monetary Fund
This paper focuses on observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for the Cayman Islands. The assessment reveals that the Cayman Islands’s legal framework for combating money laundering and terrorism financing is comprehensive. All designated categories of offences enumerated in the FATF 40 Recommendations are predicate offences under the Cayman law. The criminalization of FT is in accordance with FATF requirements. The confiscation regime meets most standards and is effective.
International Monetary Fund

2 . The very length of the court proceedings must be a matter of concern for the authorities, as this does create an impression of ineffectiveness. 15. Although the confiscation regime in India allows for a broad spectrum of seizure and forfeiture measures in the AML/CFT context, it is not fully comprehensive and does show a number of technical deficiencies. The current legislation does not allow for confiscation of the money laundered as subject of the ML offence and is contingent on a conviction for the predicate offence. The definitions of proceeds of crime

International Monetary Fund

seriously impacts on its capacity to carry out fully this function and should be addressed as a matter of urgency. 52. In general, the Monégasque authorities maintain a wide range of statistics. However these should be reviewed and further detailed to demonstrate the effectiveness of law enforcement and prosecutorial actions and of the effectiveness of the seizure and confiscation regime. The FIU keeps statistics on the number of STRs analysed and disseminated. However they do not contain information on the underlying predicate offences. It would assist if this

International Monetary Fund

situations where the object of the offence would not be confiscated/forfeited. The authorities should consider adding mandatory provisions in this regard to the existing forfeiture/confiscation regime. The lack of specified and itemized statistics on ML and FT related to seizure and confiscation should also be addressed . 8. The Czech Republic has signed several international conventions, but ratification remains a challenge. The Czech Republic has signed and ratified the Vienna Convention. The Palermo Convention and the UN International Convention for the Suppression

International Monetary Fund
The Czech government has made impressive progress in bringing the antimoney laundering (AML) regime of the Czech Republic into compliance with both European and international standards. The Czech government has undertaken important steps toward completing the legal and institutional framework to fight money laundering, and has begun concrete implementation of the AML regime in the various relevant financial sectors. Further efforts by the government to improve the country’s AML legal and institutional framework and effective supervision have resulted in the enactment of major legislation.
International Monetary Fund

establish the underlying predicate criminality in autonomous prosecutions. Further prosecutorial guidance is advised on these issues. It is understood that some pending cases involve third party money laundering. 29. Powers to trace, freeze and confiscate direct and indirect proceeds and the necessary associated investigative powers are provided for in a generally robust and operational confiscation regime which has produced a considerable number of freezing and confiscation orders, as detailed in the body of the report. The Law, helpfully, includes provisions requiring

International Monetary Fund
India faces a range of money laundering and terrorist financing risks. India continues to be a target for terrorist groups and has been the victim of numerous attacks. Based on a threat assessment, it was found that India's major sources for terrorist financing (FT) were funds/resources from organizations outside India, counterfeiting of currency, and criminal activities. Key recommendations made to India included the need to address the technical shortcomings in the criminalization of both money laundering and terrorist financing and domestic framework of confiscation and provisional measures.