KPMG in the Cayman Islands and the Financial Crime Investigation Unit of the Royal Cayman Islands Police Service held a two-day forum on the current financial crime landscape in the Cayman Islands on 21 and 22 May. KPMG and the FCIU were joined by representatives from the City of London Police, who shared their insight and experience on financial crime with delegates.
Hosted by KPMG and the FCIU, the topics covered across the event included an overview of today’s financial crime environment, models for effective collaboration and an action plan for implementing a cohesive, confident approach to managing financial crime in the Cayman Islands.
Speakers included head of Learning and Skills, Mike Betts, and Economic Crime Trainer, Gareth Jenkins, from the City of London Police as well Richard Barrow from the FCIU. Barrow provided insight into his participation with the Caribbean Financial Action Task Force review and the feedback provided on the National Risk Assessment and the Cayman Islands Mutual Evaluation Report 2019.
The City of London Police walked delegates through Operation Shaniko, a recent case study where an organised crime gang in London was jailed for a total of 23 years for a 1.5 million pounds money laundering fraud. The case study provided an example of private and public sector organisations working together to tackle financial crime, something that the Cayman Islands is looking to further develop in the future.
Iain Kenny, director in Advisory Services at KPMG, led a breakout session, guiding the group through challenges facing the FCIU and the Cayman Islands’ financial industry when it comes to reporting.
Many of the delegates were local anti-money laundering reporting officers and money laundering reporting officers, who engaged in lively discussions around the key financial threats for the region and areas for improvements around managing financial intelligence.
“I am delighted and encouraged by the input and engagement of the participants towards promoting public and private partnerships that will greatly enhance proactivity towards disrupting malign players from using Cayman entities,” said DCI Barrow.
Brid Verling, senior manager in Advisory Services at KPMG, said: “The experience and direction from the City of London Police was extremely insightful, with a detailed case study showcasing best practice when it comes to combatting financial crime. The response from delegates was extremely positive and we are all looking forward to building on and enhancing our current approach to managing financial crime in Cayman and overseas in the future.”
As a result of the forum and other meetings held during their time in Grand Cayman, the City of London Police will be producing a report to the governor with recommendations for enhancements and additional suggestions to be considered by the FCIU. Some of the recommendations have come directly from the discussions with delegates at the forums on the issues they currently face with financial crime investigations in the Cayman Islands.