Saudi Press

Saudi Arabia and the world
Wednesday, Jul 09, 2025

Offshore rules fuel 100 new gov’t jobs

Offshore rules fuel 100 new gov’t jobs

Alden McLaughlin has said that government is investing millions of dollars to ensure that it meets the latest international compliance and regulation standards for the offshore sector.

In a statement to the Legislative Assembly delivered Wednesday, just before Financial Services Minister Tara Rivers began presenting almost a dozen new bills, he revealed that over 100 new jobs in the public sector have been created to meet the latest recommendations from the Caribbean Financial Action Task Force (CFATF) review.

McLaughlin said that the new legislation was not the only thing that the government was doing to comply with the various supra-national bodies and respond to the ever-evolving regulatory landscape. He explained that, for the first time, the effectiveness of legislation had also been considered by the CFATF in its March 2019 report.

“We certainly understand the rationale for ensuring that not only do we as a jurisdiction have the required regulatory framework, but that we also have the mechanisms and people to ensure that the framework is effective and can be proven to be so,” he told the members.

He said that government was determined to respond positively to the recommendations about effectiveness as well as passing the necessary laws, but he said it required a response from across government and partner agencies, including the police. McLaughlin said he was chairing a committee to oversee the work of all the agencies involved, and a Financial Crime Focus Group had been created to ensure coordination and cooperation at the operational level between law enforcement agencies.

“That group will make recommendations to enhance the quality of work related to the use of financial intelligence and the investigation and prosecution of financial crime,” the premier said. “Together we are working through the detailed action plan that we published at the end of April and which responds to all 63 of the CFATF’s recommendations. We have appointed a national coordinator to assist with the coordination between agencies, committees and all stakeholders involved in the implementation of the action plan.”

He said the government had provided funding for over 100 new positions, which demonstrated the jurisdiction’s commitment to the process. He explained that the jobs had been created across various agencies, including in a new dedicated Anti-Money Laundering Unit at the Cayman Islands Monetary Authority and a dedicated cross-border Money Laundering and Terrorist Financing Task Force within the Royal Cayman Islands Police Service, where an interim team was put in place in April.

“All told, we will be investing several million dollars more to further strengthen our regulatory regime. It is important to note that this will not
be a one-off expenditure,” McLaughlin stated, noting that operational resources and ongoing personnel costs would be needed. “We are now monitoring the results of the actions that we have put in place and we remain committed to taking any further action that may be necessary as we ensure we rise to the challenge that the CFATF has given us.”

The premier said it would take time before Cayman could demonstrate that the measures were working but he expected to be able to show some progress as part of the CFATF Enhanced Follow Up Process when submissions are made in September.

He said the government would take the action necessary to ensure that the legislation is robust and effectively implemented.

“Cayman does not want or need to deal with those who would seek to hide money or use it for illegitimate purposes,” McLaughlin said. “Our efforts in improving the effectiveness of the implementation of our world-leading legislation to protect the integrity of our financial services will mean that we can demonstrate to the world that anyone attempting to use Cayman for such illegitimate purposes will be caught and dealt with to the fullest extent possible under the law,” the premier added.

Following his statement, Minister Rivers began outlining the legislation needed to be implemented to meet the CFATF recommendations. Each bill deals with some aspect of the regimes to counter money laundering and terrorism financing and are designed to support compliance while creating space for creativity and innovation, the premier stated.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×