Registrar to help churches with risk assessments: Cayman News Service

(CNS): As local authorities conduct the latest Cayman Islands Country Risk Assessment to evaluate its Anti-Money Laundering/Countering Terrorist Financing/Countering Proliferation Financing (AML/CFT/CPF) regime, Non-profit Organization (NPO) Registry has been hosting outreach events for local charities, Terrorist Financing Risk assessment. With just a few months until the next assessment begins, the registry is turning its attention to local churches.

The Registrar of Nonprofits is part of the General Registrar, a division of the Ministry of Financial Services and Commerce. As of June 30, there were more than 600 registered nonprofits in the Cayman Islands, many of which are religious institutions.

NPO representatives from community groups, charities and parent-teacher associations attended an outreach meeting on June 13. The next meeting will be held on July 18 at the Government Administration Building, targeting churches and other religious organizations.

“We have been in conversations with nonprofits, many of whom have a full understanding of their responsibilities under the Nonprofits Act (2020 Revision),” said Paul Inniss, Director of Compliance, in a press release. “These meetings provide information about the assessments, including what nonprofits need to do and how to best prepare.”

Each lesson covers governance, internal controls, and other practical considerations related to risk assessment. Terrorist financing risk assessment for the non-profit sector, planned for Q4 2024is part of the overall national risk assessment.