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International Monetary Fund

example, the Barbados Anti-Terrorism Act 2002-6 criminalizes both the provision or collection of funds intended for terrorism purposes, and the provision of financial services for such purposes. The freezing and forfeiture provisions of the Act are then linked to charges under the terrorism offense as so defined. 112 In other countries, such as Canada, the freezing of assets and the prohibition of financial support are based on a list of individuals and organizations issued by the Government on the basis of information that the person or entity is engaging in a

International Monetary Fund

Abstract

In recent years, the IMF has become deeply involved in the international movement to prevent the abuse of financial systems and to protect and enhance the integrity of the international financial system. The IMF’s involvement has been expanded beyond anti-money-laundering efforts to include those aimed at combating the financing of terrorism. This handbook will facilitate the provision of relevant technical assistance by providing a compendium of essential materials for officials drafting legislation designed to combat such financing. The relevant international standards and obligations are presented, together with examples of existing legislation designed to meet them. The issues discussed in this book are relevant to all countries, regardless of their individual geopolitical situations.

International Monetary Fund

in the Resolution, the Convention, or some position between these two? Second, do the authorities intend to establish a separate investigatory and procedural regime for terrorism offenses, or is it the intention to have the general regime cover these offenses? Third, what is the current arsenal of legislative provisions dealing with terrorism, and can they serve as the basis for provisions criminalizing the financing of terrorism? Fourth, do the authorities also intend to deal with all FATF Special Recommendations in the same law? A fifth consideration may be how

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. European Dept.

/CFT activities, amendments to the financing of terrorism offence, and the establishment of the Economic Crime Bureau. The report notes some remaining deficiencies, in particular with respect to the sanctioning regime for AML/CFT breaches and the beneficial ownership identification of legal persons. The authorities are addressing these issues, including by preparing amendments to the penal code to allow for “administrative sanctions.” They are also working on ensuring compatibility of the widespread use of information technology and AML/CFT requirements. Regulation has been

International Monetary Fund. European Dept.

, specifically development of a risk-based approach to determine priorities for AML/CFT activities, amendments to the financing of terrorism offence, and the establishment of the Economic Crime Bureau. The report notes some remaining deficiencies, in particular with respect to the sanctioning regime for AML/CFT breaches and the transparency of legal persons. The authorities are addressing these issues and also working on ensuring compatibility of the widespread use of information technology, including in the context of their “e-Residency” initiative, and AML/CFT requirements

International Monetary Fund. European Dept.

development of a risk-based approach to determine priorities for AML/CFT activities, amendments to the financing of terrorism offence, and the establishment of the Economic Crime Bureau. The report notes some remaining deficiencies, in particular with respect to the sanctioning regime for AML/CFT breaches and the beneficial ownership identification of legal persons. The authorities are addressing these issues, including by preparing amendments to the penal code to allow for “administrative sanctions.” They are also working on ensuring compatibility of the widespread use of

International Monetary Fund. European Dept.

development of a risk-based approach to determine priorities for AML/CFT activities, amendments to the financing of terrorism offence, and the establishment of the Economic Crime Bureau. The report notes some remaining deficiencies, in particular with respect to the sanctioning regime for AML/CFT breaches and the beneficial ownership identification of legal persons. The authorities are addressing these issues, including by preparing amendments to the penal code to allow for “administrative sanctions.” They are also working on ensuring compatibility of the widespread use of