New Office Bolsters Cayman’s Defence Against Illicit Finance and Advances FATF Effectiveness

The Cayman Islands Government has taken a decisive step forward in the global fight against illicit finance with the establishment of the Office for Strategic Action on Illicit Finance (OSAIF), a centralised authority that reinforces the jurisdiction’s alignment with international standards—particularly those of the Financial Action Task Force (FATF).

Housed within the Ministry of Financial Services and Commerce, OSAIF consolidates the nation’s strategic leadership, interagency coordination, and operational delivery in anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF). This move marks a strategic progression from policy development to demonstrable effectiveness—an essential benchmark under the FATF framework.

“The establishment of OSAIF reflects our unwavering commitment to effectiveness, not just technical compliance,” said the Premier and Minister of Financial Services and Commerce, the Hon. André Ebanks MP. “We must demonstrate that the Cayman Islands can swiftly and cohesively respond to the evolving threats of illicit finance, while meeting the FATF's expectations for tangible outcomes.”

OSAIF’s remit includes oversight of the national coordination team preparing for the next Caribbean Financial Action Task Force (CFATF) evaluation in December 2027 (the 2027 CFATF Evaluation). This evaluation will assess the Cayman Islands’ effectiveness in achieving the FATF’s Immediate Outcomes—key performance indicators used to measure how well countries prevent and combat illicit finance in practice.

In addition to national risk assessments, policy leadership, and legislative coordination, OSAIF integrates the former Anti-Money Laundering Unit and other Ministry experts to deliver cohesive, measurable progress across all AML/CFT/CPF functions.

“The FATF’s global standards continue to evolve, placing increasing emphasis on effectiveness,” the Premier added. “OSAIF ensures we remain at the forefront of these developments—proactively mitigating risks, demonstrating impact, and upholding our international reputation as a country of financial services integrity, particularly as we prepare for the 2027 CFATF Evaluation.”

By transitioning from fragmented functions to a unified strategic and operational centre, OSAIF solidifies the Cayman Islands’ ability to deter, detect, and respond to illicit financial activity—locally and globally.