It appears economic crime is thriving well in the Cayman Islands.
The Cayman Islands Chamber of Commerce will unveil its Economic Crime Survey 2006 today and some people may be taken aback at the survey’s contents.
The survey shows the main threats to Cayman businesses come from money laundering, embezzlement, cheque and credit card fraud and cyber fraud.
And businesses are paying for it too.
‘Projections based on the responses received indicate that Cayman Islands businesses may have lost an estimated $20 million in 2005 through acts such as fraud, asset misappropriation, cheque and credit card fraud, embezzlement and corruption and spent a further $40 million seeking to prevent and combat the problem,’ said Chamber President Morgan DaCosta in his introduction to the survey.
‘I hope that the publication of this report will raise awareness of the impact of economic crime and that our findings will help businesses to introduce systems, policies and procedures to prevent and detect economic crime in the future,’ he said.
The Chamber, with the support of the Royal Cayman Islands Police Service and the Cayman Islands Compliance Association, commissioned the survey in an effort to determine the level and types of economic crime, the main concerns of business leaders, average financial loss per business, the extent of detection and prevention methods and trends in economic crime.
The Chamber sent a postal survey containing statements and questions on more than 50 aspects of economic crime was mailed to 525 corporate members in December. Fifty-three Cayman residents businesses responded.
Full results of the survey will be delivered today at 3.30pm at the Grand Cayman Mariott Beach Resort.