FBI acknowledges Cayman’s cooperation

The Washington Post published a letter to the editor on 21 June by Cayman Finance CEO Jude Scott defending Cayman’s cooperation record in the fight against crime.

The letter was in reference to Anne Applebaum’s 16 June op-ed, “A perfectly legal form of bribery,” about a “opaque offshore vehicle” used “to funnel money from unnamed investors to a company called Cadre”, a firm co-founded by US President Donald Trump’s son-in-law Jared Kushner.

In his letter, Scott wrote that the article missed the mark about conducting business in the Cayman Islands and failed to acknowledge that Cayman has been recognised by US authorities as a strong partner in combating corruption, money laundering, terrorism financing and tax evasion.

Scott cited testimony by FBI Acting Deputy Assistant Director (Criminal Investigative Division), Steven M. D’Antuono before the US Senate Banking, Housing, and Urban Affairs Committee in May, where he spoke about the “immense value” of beneficial ownership information shared by United Kingdom Overseas Territories and Crown Dependencies, including the Cayman Islands.

“UK law enforcement has access to company beneficial ownership information in support of investigations. This information must be made available within 24 hours of a request. Our colleagues at the UK’s National Crime Agency have continually noted the immense value of such information in their investigations,” D’Antuono said at the hearing.

“These frameworks can provide valuable insight into the critical aspects of a successful system for maintaining, accessing, and sharing accurate beneficial ownership information.”

D’Antuono gave credit to countries like the Cayman Islands that have robust anti-money laundering and counter terrorism financing regulations for their requirements of documentation and verification of beneficial owners for ‘legal persons’. As this information is available to regulators and law enforcement, it allows them to more vigorously be able to identify and mitigate illegal actors and protect financial systems.

In a press release issued on Tuesday, the Cayman Finance CEO said, “Our world-class verified ownership regime has been in place for over 15 years. We are pleased to see our international partners continue to recognise our leadership in this area as a transparent jurisdiction that adheres to the highest international standards.”

The information Cayman requires to be collected is available to authorities making proper requests to Cayman Islands authorities through existing information sharing channels between the Cayman Islands government and the UK, as well as other countries.

“What distinguishes the Cayman Islands regime apart from most others around the world is that the information in our system is collected and verified by licensed Cayman Islands corporate service providers under existing anti-money laundering and know-your-customer laws,” Scott said.

“Those same licensed corporate service providers are responsible for submission of beneficial ownership registry information to the Cayman Islands government, and that information forms part of the Cayman Islands’ current enhanced information exchange arrangements with the UK and shared with other countries, including the US,” he added in the press release.

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  1. Meanwhile one can form a corporation in Florida, and probably other states, using fictional directors names and fictional place of business. The Florida Department of State won’t even bother to check it out if you tell them about a phony company.

    I often send monies to USA banks. Not once have I ever been asked about the source of funds either.

    It’s all a matter of do as I tell you to do, not as I do.