Financial regulator monitoring FIFA allegations

Cindy Scotland-main

The Cayman Islands Monetary Authority released a statement Monday saying it would act “appropriately, dispassionately and in accordance with our obligations under the law” in the face of allegations linking a Cayman Islands bank to the ongoing FIFA corruption probe. 

The regulator, which had no initial comment when contacted by the Compass when the allegations first emerged last week, said late Monday, “The Cayman Islands Monetary Authority is aware of the allegations which have been made by Swiss and US Federal authorities regarding a number of officials of FIFA and a bank regulated by the authority. 

“The authority takes these matters very seriously and in respect of the allegations relating to one of our licensees, we will act appropriately, dispassionately and in accordance with our obligations under the law.  

“However, at this stage it would be inappropriate and legally impermissible for us to make any further comment or statement on these matters.” 

An indictment released last week by U.S. prosecutors alleges a massive corruption and bribery racket in world football’s governing body. Cayman’s Jeff Webb is accused of negotiating millions of dollars in bribes for steering contracts for television coverage of world football events to certain sports marketing companies.  

According to the indictment, a number of alleged bribery payments were routed through Fidelity Bank accounts, controlled by Webb’s attaché, former Cayman Islands resident Costas Takkas. Webb was previously business development manager at Fidelity Bank Ltd.  

Asked last week, if any of the payments had raised red flags in the bank’s compliance department, CEO Brent Hill, said, “It is clearly inappropriate for anyone to comment on a case in which legal proceedings are pending.” Jude Scott, CEO of Cayman Finance, the industry umbrella organization, also released a brief statement on Monday in response to questions posed by the Compass last Wednesday. 

He said, “Cayman Finance is saddened to learn of allegations of corruption and money laundering among senior leaders and officials within FIFA. 

“Our information at this time is limited to that which is in the public domain, however, we are confident the relevant international investigating authorities will follow due process and the appropriate outcomes will be reached. 

“As a jurisdiction that consistently upholds good governance and transparency that robustly meets globally implemented standards for regulation and cross border cooperation, we are confident that the Cayman Islands authorities will provide effective support to international authorities, to the extent that further cooperation might be required from the Cayman Islands.” 

Cindy Scotland-1a

CIMA Managing Director Cindy Scotland
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  1. In another article in today’s compass stated mr. Mark Scotland and cline glidden recently returned to island from Switzerland. I hope there”s no further conflict of interest issue here.

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  2. CIMA has consistently failed the business community and the jurisdiction. One need only look at the state of the financial services community over the past 5 years. Fund admin work is done in Dublin and Halifax. The HSBC debacle. The reduction in business by RBC, Scotia Bank and CIBC. The disaster that transpired with Caledonian.
    When will the government realize that it is time for a change?

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  3. Why should CIMA have to state that they will act "dispassionately" here?

    Isn’t that a given?

    Just by saying that aren’t they admitting there’s a conflict here…

    Have they acted passionately previously?

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  4. CIMA Managing Director, Cindy Scotland’s husband was right there in Geneva when everyone got arrested. What is his role in Fifa?

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