Cayman Island law firms are now required to register as part of the island’s bid to comply with the Caribbean Financial Action Task Force’s (CFATF) anti-money laundering (AML) and transparency requirements.

This process has seen the Cayman Islands Legal Practitioners Association has established a separate board, the Cayman Attorneys Regulation Authority (CARA), to supervise law firms operating in the jurisdiction.

The aim of CARA is to make sure that local firms are in compliance with the directives issued by the CFATF.

Working relationships between public and private sector agencies in the jurisdiction co...