OSAIF Holds National Risk Assessment Workshop

The Office for Strategic Action on Illicit Finance (OSAIF) successfully hosted a three-day workshop bringing together public and private sector stakeholders to review current risks and potential vulnerabilities as part of the 2025-2026 National Risk Assessment (NRA).

The workshop, held last week at Hotel Indigo, gathered regulators, financial services industry professionals, and government agencies. Participants contributed to in-depth discussions on the Cayman Islands’ resilience against money laundering, terrorist financing, and proliferation financing. The 2025-2026 NRA is in line with the jurisdiction's National Strategy for Combating Money Laundering, Terrorist Financing and Proliferation Financing, 2022-2025, which has helped shape Cayman's preparations for the 5th Round Caribbean Financial Action Task Force (CFATF) Mutual Evaluation in 2027.

"This exercise enables us to identify, assess, and truly understand our country’s specific risks," Premier and Minister for Financial Services and Commerce, the Hon. André Ebanks said in his opening remarks. "By doing so, we strengthen our ability to prioritise and allocate resources effectively, implement risk-based policies and controls, and safeguard both our reputation and our economic stability."

The Attorney General, the Hon. Samuel Bulgin gave the closing remarks, underscoring the government’s ongoing commitment to protecting the Cayman Islands’ financial system.

OSAIF Director Andrea Proctor explained that the workshop is part of a phased approach to the NRA.

"The first phase of the assessment focused on planning and gathering initial insights to guide the work ahead. From now through the end of the year, we will compile identified inherent risks, develop risk profiles, and begin drafting the assessment report," she said.

The NRA’s phased approach emphasises broad consultation and collaboration across public and private sectors. This ensures that the assessment reflects both regulatory perspectives and industry realities, allowing for a balanced and credible understanding of risk.

Looking ahead, OSAIF will collaborate with CFATF officials for an on-island training exercise for the public sector in early October, focusing on the Financial Action Task Force's revised standards and methodology.