The Cayman Islands Legal Services Council has announced the formation of the Legal Services Supervisory Authority, a new body tasked with overseeing anti-money laundering compliance in the territory’s legal profession.
The authority, known as LSSA, has assumed responsibility for monitoring law firms and sole practitioners engaged in relevant financial business, a role previously held by the Cayman Attorneys Regulatory Authority. The change follows updates to the Legal Services Act, the Proceeds of Crime Act and the Anti-Money Laundering Regulations.
Chaired by Chief Justice Margaret Ramsay-Hale, the Legal Services Council said the move aligns Cayman’s legal sector with international standards, including those of the Financial Action Task Force and the Caribbean Financial Action Task Force.
The LSSA’s responsibilities include maintaining a register of law firms and practitioners, supervising compliance using a risk-based approach, and issuing guidance to help attorneys meet their anti-money laundering obligations.
Firms and practitioners previously registered with CARA will be contacted by the new authority, while others are encouraged to register directly. Additional details are available at caymanlssa.ky.
