CARA regulates firms of attorneys-at-law for anti-money laundering ('AML') and related fields.
The Cayman Islands Government appointed the Cayman Islands Legal Practitioners Association (‘CILPA’) as the designated Supervisory Authority for monitoring AML compliance by firms of attorneys-at-law within the Cayman Islands. CILPA delegated this supervision function to its operationally independent regulatory arm, the Cayman Attorneys Regulation Authority (‘CARA’). CARA’s supervisory AML responsibilities include counter terrorism financing, counter proliferation financing and targeted financial sanctions (collectively included in any reference to ‘AML’).