August 22, 2016
“Terrorist financing” is now specifically defined as a criminal act in revised legislation due to be considered this fall by Cayman Islands lawmakers. The Terrorism (Amendment) Bill, 2016, is expected to go to the Legislative Assembly in late September or early October for approval. It will bring the British Overseas Territory’s anti-terrorism laws “into conformity with the international standards recommended by the Financial Action Task Force for combatting terrorism and money laundering.”
Previously, Cayman’s anti-terror rules defined “property” held for the purposes of terrorists. Once the new legislation is adopted, “terrorist property” will be defined as property used in the financing of terrorist acts or for the support of terrorist organizations.