Cayman fund expert arrested for money laundering

(CNS): Police from the Financial Crimes Unit have arrested a 37-year-old man from George Town in connection with money laundering allegations. The man had been working as a voluntary liquidator for two funds while employed with a local finance firm. During the period of his appointment an undisclosed quantity of money was misappropriated from these funds and transferred to another account, police said in a release Monday. 

Police said he is currently on police bail and has been prevented from the leaving the jurisdiction while the enquiry continues. The man is understood to be a British national who has lived in Cayman since before 2003.

The FCU confirmed they were investigating allegations of theft from a fund last month after a complaint was made on 8 April. CNS understands that the alleged criminal movement of cash involves more than half a million dollars. The man is understood to have been working for Deloitte as a director at the time of the alleged crime but he had moved more recently to Intertrust, though he no longer appears on that firm’s website as an employee.