CFATF anti-money laundering requirements to cost Cayman millions

The Cayman Islands will have to spend millions of dollars in more law enforcement officers, government officials and training to meet the anti-money laundering requirements set forth by the Caribbean Financial Action Task Force (CFATF). The jurisdiction was forced to come up with a "comprehensive action plan" to address shortcomings and avoid being placed on a CFATF greylist after the task force released a report that highlighted flaws in Cayman's anti-money laundering and counter-terrorism financing regimes. Estimates have not been publicly made about how much CFATF-mandated reforms ...