A suspected $500 million money laundering plot was foiled by finance police this week.
Three British nationals and two Americans were questioned by officers from the Financial Crime Unit after officials at a Grand Cayman branch of an international bank raised the alarm.
Bank staff became suspicious after the group, four men and one woman, came into the branch on Tuesday to discuss “US$500 million in foreign exchange transactions,” according to Jacqueline Carpenter, spokeswoman for the Royal Cayman Islands Police Service.
She said the Financial Crime Unit had alerted all banks to the “suspicious activity.”
One of the suspects was arrested at a different bank later the same day on suspicion of money laundering.
Two of the group were arrested at their hotel room, which officers searched, and two others were questioned after being found at an undisclosed location.
Ms. Carpenter added, “All members of the group were released on Wednesday and have now left the country, as evidence was not sufficient to sustain eventual charges. However, authorities in the U.K. and the U.S. have been alerted of their activities while here.”