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Does Tara Rivers have AML certification?

| 05/08/2019 | 3 Comments

Does the financial services minister have the internationally recognised CAMS (Certified Anti-Money Laundering Specialist) qualification? Or any other designated anti-money laundering qualifications? Is there anyone on her staff who has those qualifications?

Ask Auntie, CNS Local Life, Caymanian status

Auntie’s answer: This question came as a comment on a CNS story last month on proposed laws relating to the offshore sector. I contacted the Ministry of Financial Services and a spokesperson confirmed that the minister and staff do not have the CAMS qualification, adding this is not a requirement, but that they need to have a “working knowledge of complex subjects” including money laundering and tax compliance.

In addition, the ministry official explained that it has access to people in relevant government agencies, including the Cayman Islands Monetary Authority, the Department of Commerce and Investment, and the Financial Reporting Authority, with the necessary qualifications to deal with anti-money laundering issues.

Read the full statement from the Ministry of Financial Services below:

The Minister and the Ministry staff do not have, nor are they required to have, CAMS or any other similar qualification to effectively carry out their duties. The financial services industry covers a wide range of disciplines, with the Minister and the Ministry staff needing a working knowledge of complex subjects such as prudential supervision, money laundering and tax compliance. Where there is a greater emphasis on credential specification in recruitment, there is the potential for less diversity within the workforce. The Ministry has personnel with a broad range of compliance and policy experience, both within the public and private sectors.  

It’s also important to note that ACAMS and other similar qualifications are intended for anti-money laundering (AML) practitioners. There are persons within the competent authorities with such qualifications. These include the Cayman Islands Monetary Authority, the Department of Commerce and Investment, and the Financial Reporting Authority, just to name a few. In an era of greater domestic cooperation and coordination, the Ministry is able to draw on expertise from other competent authorities where necessary.

The AML/CFT framework of the Cayman Islands is led by the Attorney General, as Chair of the Anti-Money Laundering Steering Group.

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Comments (3)

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  1. Anonymous says:

    If you compare to Minister of education qualifications, Minister of finance would actually look educated.
    It is also appears that they never heard of continued professional education.

  2. Anonymous says:

    Yeah, they have consultants for that.

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