In this episode, host Aidan Larkin delves into the intricate world of FATF compliance with Liz Lees, the former national coordinator for the Cayman Islands. They explore the unique challenges smaller jurisdictions face in aligning with global standards, emphasizing the pivotal role of asset recovery.
Join us as Liz shares her insights on building effective compliance frameworks and overcoming resource constraints. As Aidan and Liz unpack the complexities of compliance in these unique environments, discover how these financial hubs balance the demands of international regulations with the need to preserve their local integrity.
Timestamps
00:00 - Introduction
05:12 - Understanding FATF Compliance
12:45 - Challenges in Smaller Jurisdictions
20:30 - The Role of Asset Recovery
28:15 - Building Effective Frameworks
35:50 - Overcoming Resource Constraints
42:00 - Balancing Global Standards and Local Integrity
50:10 - Conclusion and Key Takeaways
About our Guest
Liz Lees is a seasoned legal counsel and former National Coordinator to the Anti-Money Laundering Steering Group in the Cayman Islands. With extensive experience in financial compliance, Liz has been instrumental in shaping effective frameworks for smaller jurisdictions.
As the co-founder of Claritas Legal, Liz specialises in regulatory law and financial crime, advising governments, law enforcement agencies, and supervisory bodies on compliance with FATF standards.
Key Takeaways
Understanding FATF Standards: Liz Lees explains the importance of FATF standards in shaping global financial compliance and the role they play in asset recovery.
Challenges in Smaller Jurisdictions: The discussion highlights the unique challenges smaller jurisdictions face in implementing effective financial compliance frameworks.
The Evolving Landscape of Financial Crime: Insights into how financial crime is evolving, particularly with the rise of digital assets and the need for updated compliance measures.
Importance of Coordination: Emphasizes the need for coordinated efforts among governments, law enforcement, and financial institutions to effectively combat financial crime.
Resources Mentioned
Recent FATF Mutal Evaluation Reports
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