Suspected money laundering foiled

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.”



  1. Surely it would have been better to allow the offence to proceed further before acting.

    Once the money was in a Cayman bank, there is both more evidence and the potential for it to be confiscated.

    The money trail could also lead to further funds and offences, modern forensic accounting methods are getting very sophisticated.

    500 million dollars seized and forfeited would inflict some serious damage on a criminal or terrorist organisation, probably much more so than 5 individuals receiving a custodial sentence. This is a sophisticated criminal undertaking with funds in the same order as the GDP of Cayman itself!

    Cayman must ensure that it has appropriate laws on the statute books to deal with evil of this magnitude.

    Make no mistake, this is not just ”Money”, it is misery for millions of people! Drugs, illegal arms, violence, extortion, corruption and murder.