Contact Us
LoginFinancial Reporting Authority
Printer-friendly version
Over the last two decades, the need for a modern anti-money laundering strategy has become widely accepted internationally. It is recognized that depriving criminals of the proceeds of their crimes is an important tool in the fight against serious crime. In developing anti-money laundering strategies, countries recognized that law enforcement agencies traditionally had only limited access to necessary financial information. It was further recognized that for anti-money laundering strategies to be effective, it was critical that financial institutions be engaged in the effort.
In 1990, the Financial Action Task Force (FATF) issued its 40 Recommendations, and in October, 2001, issued Eight Special Recommendations on Terrorist Financing. The 40 included a recommendation that financial institutions report suspicious transactions and activities. This recommendation created the need for a central agency to receive, analyze and disseminate these reports or disclosures. That role was filled by Financial Intelligence Units (FIUs) which was later renamed the Financial Reporting Authority (FRA), by virtue of the Proceeds of Criminal Conduct (Amendment) Law, 2003.
As an FIU and a member of the Egmont Group, the FRA is committed not only to the global fight against money laundering but also to the fight against financing terrorism. In the Cayman Islands, this effort is supported by the Terrorism Law of 2003 which heralded a new front, directing the fight not only against funds derived from criminal conduct, but giving a new perspective to our efforts against those funds used in connection with criminal conduct.
The results achieved by the FRA, and those of many partners, are proof of the Cayman Islands’ commitment to the international effort to deter and counter money laundering and the financing of terrorism.
The FRA is headed by a director who oversees its operations.