Grand Cayman, 17 July 2024 - The Registrar of Non-Profit Organisations (NPOs) is preparing local charities ahead of its terrorist financing risk assessment of the NPO sector scheduled for Q4 2024.
These assessments are held periodically, as part of the overall Cayman Islands National Risk Assessment of our AML/CFT/CPF (anti-money laundering, countering the financing of terrorism, and countering proliferation financing) regime.
"We are in constant dialogue with NPOs, and many of them have a good working knowledge of their responsibilities under the Non-Profit Organisations Act (2020 Revision). These sessions provide information on the assessment, what will be required from NPOs and how best they can be prepared," Head of Compliance Paul Inniss said.
NPO representatives from community groups, philanthropic organisations, and PTAs attended the last outreach session on 13 June at the Government Administration Building.
Each session covers governance, internal controls, and other practical considerations in regards to the risk assessment.
The next outreach session will be on 18 July 2024 at the Government Administration Building, with the target audience being churches and other religious organisations.
As of 30 June 2024, there are more than 600 registered NPOs in the Cayman Islands. The Registrar is part of General Registry, a department under the Ministry of Financial Services and Commerce.
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