Topic: money laundering
Venezuelan pilot petitions for freedom after six years in Cayman prison
A Venezuelan pilot who has spent more than six years in jail without charge in the Cayman Islands is mounting a fresh legal bid for freedom.
Chasing gold: From the Amazon to the Alps, the inside story of Cayman’s Operation...
Compass investigation details how $6 million of 'dirty gold', a private jet and $135,000 in cash were confiscated in a cross-border inquiry led by Cayman police.
Cayman company information to be open to journalists
Journalists and academics investigating financial crime will be able to access information on the true owners of Cayman-based corporations under new transparency legislation.
Former football executive’s fraud sentence cut by appeals court
An appeal against conviction for a massive football
Cayman to get ‘seat and voice’ at table with global money laundering watchdog
The next time world leaders sit down to discuss anti-money laundering black lists, Cayman will have a seat at the table.
Venezuelan cleared of money laundering fights extradition to US
A Venezuelan man remanded in custody in Cayman for five years has launched a bid to avoid US extradition to face money laundering and drug charges.
Compliance sweep disrupts Cayman residents’ bank accounts
Hundreds of ordinary Cayman Islands residents are being hit with onerous banking compliance requirements amid increased scrutiny over money laundering threats. Some say they have had accounts locked for failing to provide paperwork.
Two charged with fraud, money laundering
Following what it describes as a "complex and protracted investigation", the Anti-Corruption Commission has charged two men with fraud and money laundering.
Chilean nationals arrested for $78,000 ATM fraud
Police arrested two Chilean nationals who were attempting to leave the Cayman Islands after allegedly being involved with financial crimes causing losses of about $78,000.
Former BVI premier found guilty on drug, money-laundering charges
Former British Virgin Islands Premier Andrew Fahie has been found guilty in a US federal court on conspiracy to import cocaine and money-laundering charges.
Venezuelan man has spent 1,288 days in Cayman jail awaiting extradition hearing
Juan Carlos Gonzales Infante, a 61-year-old Venezuelan national, who was acquitted of money laundering charges in Cayman in 2019, has been in a Northward...
Monet laundering risk? Art imports remain unregulated
Works of art valued at almost $5 million were imported to the Cayman Islands from the UK in the 12 months up to the end of March this year.
Law change to aid money laundering investigations
Planned legal changes aim to lay out in statute the basis upon which authorities may prosecute money laundering offences and seize the assets of criminals seeking to use the Cayman Islands financial system to hide their ill-gotten gains.
The issue explained: Why Cayman needs to get off the ‘grey list’
In a special report today, we delve into some of the politics behind the global money laundering grey list and the battle to protect Cayman's image and its economy.
Cayman cops hunt financial crooks and their assets
Cayman Islands financial crime cops are currently investigating dozens of international money laundering cases, seeking to seize assets or prosecute crooks.
Cayman faces final grey list inspection after progress in Paris
The Cayman Islands is eligible to be removed from a global anti-money laundering 'grey list', the president of the global Financial Action Task Force...
D-Day in Paris as Cayman seeks to get off money-laundering ‘grey list’
Cayman Islands officials are in France today to plead the case for the territory to be removed from a ‘grey list’ of countries under increased scrutiny for failing to do enough to fight money laundering and terrorism financing.
FATF needs to see money-laundering sentencing to delist Cayman
The Financial Action Task Force has expressed concern that the Cayman Islands has not yet fulfilled an agreed action plan to remedy deficiencies in its anti-money laundering regime and said it will consider next steps, if all conditions are not met by June 2023.
ACC arrests duo in money laundering probe
Two men were arrested this week on corruption charges arising out of an Anti-Corruption Commission investigation, the details of which have not been made public.
Fahie granted US $500,000 bond
British Virgin Islands premier Andrew Fahie has been granted a $500,000 bond by a Miami federal judge on Wednesday at a pre-trial detention hearing for the charges of drug trafficking and money laundering leveled against him.
Money laundering: US applies to seize US$1 million from Cayman company
The United States has applied to seize US$1.03 million that was held in an account at Forex Capital Markets LLC in the name of Cayman company Maydaisy Corporation, which was allegedly involved in money laundering.
Extradition trial delayed for man wanted by US
An extradition trial for a man wanted in the US on drug and money laundering charges has been delayed, after the Legal Aid Department refused to pay the bill for a Queen’s Counsel attorney to represent him.
Virtual asset services enforcement takes effect
The Ministry of Financial Services advised the public that the enforcement provisions of the Virtual Asset Service Providers (VASP) Act have come into effect on Sunday, 31 Jan.
UN panel: Tax abuse, corruption plague global finance
A United Nations panel on financial accountability, transparency and integrity is urging governments to do more to tackle tax abuse and corruption in global finance, following the publication of an interim report.
Gold smuggling trial begins
The first count of money laundering alleges that between 27 May and 31 May of this year, all five defendants played varying roles in laundering 140 pieces of gold ranging in various shapes and sizes. The gold had a combined weight of 240 pounds and an approximate value of $4 million.
Gold smuggling trial sees further delays
The trial for five men on accused laundering millions of dollars worth of gold through Cayman has been delayed yet again.
Fifth man charged in money laundering case
Kody Zander is the fifth person to be charged in connection to an ongoing investigation into alleged money laundering of millions of dollars’ worth of gold.
Non-profits learn about money laundering risks
The registrar for non-profit organisations addressed dozens of charitable organisations on their money laundering, terrorist financing, targeted financial sanctions and proliferation financing risks at an information session on Thursday, 5 Sept.
EU to revive money laundering blacklist with new criteria
The European Union will reveal a new methodology for its anti-money laundering blacklist of third countries by October. A previous blacklist was blocked by EU governments after a diplomatic row over the listing of Saudi Arabia and four US overseas territories.
Former football officials Watson, Blake charged
Two former senior officials of the Cayman Islands Football Association have been charged with a string of offences, including money laundering and false accounting, in connection with an ongoing corruption probe.
Legislation proposed to strengthen anti-money laundering framework
Government is presenting a raft of bills for debate in the Legislative Assembly on Wednesday, 24 July, to address the fallout from the negative assessment of how Cayman’s anti-money laundering and counter financing of terrorism regime works in practice.
Virtual assets brought under anti-money laundering rules
In another piece of legislation dealing with the fallout from the Caribbean Financial Action Task Force’s negative review of Cayman’s anti-money laundering regime, lawmakers approved several amendments to the Proceeds of Crime Law, including a definition of virtual assets for anti-money laundering purposes.
Deutsche Bank investigation expands with police raids
German police and tax authorities raided more than 20 banks, tax advisers, asset management companies and the homes of eight suspects on Wednesday, in an investigation related to the police search of Deutsche Bank’s headquarters in Frankfurt on 29 and 30 Nov. 2018.
CIMA demands anti-money laundering audits from excluded persons
The Cayman Islands Monetary Authority has sent letters to securities and investment businesses registered as excluded persons, demanding they obtain within 30 days an auditor’s report on their anti-money laundering (AML) systems and procedures for compliance with Cayman’s AML regulations.
Cayman, UK resume crime-fighting cooperation
The U.K. and the Cayman Islands have reached an agreement that will allow the continued cooperation in the fight against money laundering and other crime under an agreement struck more than two years ago.
FTS to host seminar on roles of money laundering reporting officers
“The seminar will provide delegates with more information about each role, the duties involved and how to manage potential related risks,” Paul Byles, director of FTS, said.
British MPs may try again with public ownership registry
Though a similar measure in the U.K. House of Lords was recently voted down, British MPs are expected to try again – perhaps as early as February – to force overseas territories to enact a public company registry that lists the beneficial owners of those entities.
‘Onerous standards’ ahead in money laundering review
A long-anticipated review of Cayman’s anti-money laundering and anti-terrorism financing protections is due to occur next month and Attorney General Samuel Bulgin has warned the territory not to expect an easy pass.
NEW: Second arrest in anti-corruption probe
A second man was arrested Friday in connection with a corruption and money laundering investigation being conducted by the Cayman Islands Anti-Corruption Commission.
Useless anti–money laundering laws
Governments occasionally pass laws with good intent but which backfire because they were poorly thought out and created perverse incentives, making the situation far worse. The current effort to stop money laundering has turned into a disaster for the global poor, who can no longer get bank accounts or easily and legally transfer money (remittances) to their relatives in poor countries.
Cayman officials discuss bank de-risking in the US, Bahamas
Officials from the Ministry of Financial Services and the Cayman Islands Monetary Authority held a second round of talks in Washington, D.C., in December about the danger of U.S. banks severing their business ties with banks in the Caribbean.
Anti-money laundering rules have unintended consequences
Trying to prevent criminals from using dollars for illegal purposes — particularly when what is defined as criminal activity varies from jurisdiction to jurisdiction — imposes such huge costs on everyone else as to make the whole effort destructive to the safety, privacy and economic well-being of the citizens.
Anti-money laundering review Set for 2017
Cayman’s financial services industry, financial regulators and the territorial government are bracing for a mid-2017 review of anti-money laundering regimes.
CIMA appoints new head of Compliance Division
Audrey Roe has been appointed head of the Compliance Division of the Cayman Islands Monetary Authority.
HSBC avoided criminal charges over fears of ‘systemic risk’
The U.S. Department of Justice refused to prosecute HSBC in 2012 for laundering Mexican drug money through a Cayman Islands subsidiary and other violations.
Funds liquidator charged in fraud case
A George Town man is now charged in connection with a fraud and money laundering investigation being conducted by the Royal Cayman Islands Police Financial Crime Unit.
Anti-money laundering review to include jewelry, real estate
A bill that will seek to prevent money launderers and terrorist financiers from using non-financial services-related businesses in the Cayman Islands to carry out their illicit deeds is expected to come before lawmakers in the fall, Financial Services and Commerce Minister Wayne Panton confirmed this week.
Business in Brief: Law Society, Bar Association endorse anti-corruption statement
The Cayman Islands Law Society and the Caymanian Bar Association have endorsed the anti-corruption statement released by U.K. and Irish professional bodies including The Law Society of England and Wales, the Institute of Chartered Accountants in England and Wales, and the Society of Trust and Estate Practitioners.
Police arrest investment firm worker
A 37-year-old George Town man was arrested Friday in connection with what the Royal Cayman Islands Police said were suspected money laundering activities.
Panama Papers: Leak puts pressure on offshore centers
References to the Cayman Islands in the “Panama Papers” were conspicuous by their absence but pressure on all offshore financial centers is likely to increase after the anonymous leak of more than 11 million documents belonging to a Panamanian law firm continued its fallout on Monday.
CarePay trial: Watson begins serving sentence
Convicted fraudster Canover Watson, 45, began serving his seven-year prison sentence Friday on charges of conspiracy to defraud, fraud on the government, breach of trust and conflict of interest following a Grand Court verdict in the CarePay trial.
