The Ministry of Financial Services and Commerce advises all financial services industry stakeholders that Cabinet has approved the establishment of the Office for Strategic Action on Illicit Finance (OSAIF) – a new centralised body dedicated to enhancing the effectiveness of the Cayman Islands’ regime to combat illicit finance.

OSAIF has been established to lead national efforts on anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF), with a mandate that includes strategic policy development, interagency coordination, risk assessments, and preparedness for mutual evaluations. This initiative is critical as the jurisdiction prepares for the Caribbean Financial Action Task Force (CFATF) onsite assessment in December 2027, which forms part of the FATF 5th Round of Mutual Evaluations.

The FATF’s evolving standards place a strong emphasis on effectiveness—demonstrated by tangible outcomes in risk mitigation, enforcement, and inter-sector cooperation. Technical compliance alone is no longer sufficient. The Cayman Islands is therefore prioritising efforts that show how AML/CFT/CPF measures are working in practice across both the public and private sectors.

Call to Action for Industry

To support this jurisdiction-wide objective, the Ministry strongly encourages active engagement and collaboration between financial service providers and OSAIF in the following areas:

• Risk Identification & Mitigation: Participate in sector-specific outreach and provide feedback on typologies and evolving risk factors.
• Information Sharing: Engage in consultations and data-sharing initiatives that contribute to national risk assessments and performance tracking.
• Capacity Building: Support employee training efforts aligned with emerging threats, sector vulnerabilities, and FATF expectations.
• Compliance Alignment: Review internal AML/CFT/CPF procedures to ensure alignment with national priorities and demonstrate practical effectiveness.
• Stakeholder Engagement: Attend OSAIF-led briefings, workshops, and planning sessions that will be scheduled as part of mutual evaluation readiness.

What’s Next

In the coming months, OSAIF will be reaching out to industry associations, financial institutions, DNFBPs, and other regulated entities to begin coordinated engagement. These efforts will be integral to showcasing national coordination, sectoral understanding of risks, and the demonstrable effectiveness of our AML/CFT/CPF framework.

The Cayman Islands’ continued success in meeting FATF standards—and safeguarding its global reputation—relies on a strong public-private partnership. Your participation and support are essential.

For further updates or to request engagement with OSAIF, please contact:

Director, Andrea Proctor, ;
Head of Regulatory Policy and Legislation, Duwayne Lawrence, ;
Head of AML Secretariat, Francis Arana, ; or
National Coordinator, Hector Sevilla,