Premier defends Cayman in wake of Webb arrest
Alden McLaughlin, Cayman Islands Premier
(CNS): As Cayman finds itself at the heart of what may be the world’s biggest ever corruption scandal, following the arrest of local football boss, Jeffrey Webb, the premier has defended the jurisdiction in a statement from his office about the FIFA probe. Alden McLaughlin said that local law enforcement agencies were cooperating with international investigating authorities and that the Cayman Islands Monetary Authority was taking appropriate action regarding the involvement of Fidelity Bank. The government, he said, “takes a zero tolerance approach” to illicit activities via Cayman.
“We do not intend to compromise the hard work we have done over the past couple of decades and the good rating and reputation we have earned,” McLaughlin said in the statement about the impact Webb’s arrest, the allegations regarding his reported part in the football bribery scandal and the use of Cayman-based financial institutions to move the alleged ill-gotten gains.
“We have a long history of cooperating with global, and in particular, US authorities and there is no doubt that we have and will continue to fully assist in the investigation and ultimate conclusion of these matters,” McLaughlin stated.
Despite the obvious damage the scandal is doing to the islands’ reputation and the clear implications for the financial sector, given the accusations made in the US indictment, the premier insisted that the Cayman Islands has a reputation for “engagement and achievement of very robust global standards in relation to the regulation of domestic and cross border financial transactions.”
He added that the jurisdiction had “excellent ratings from assessments by the Global Forum and the FATF”, which demonstrated those standards.
The robust standards have offered little protection from the onslaught of negative media coverage that the arrest of Webb and the release of the US indictment has caused for Cayman.
As the most senior of the FIFA officials arrested in the probe in Zürich last week, Webb is front and centre of the investigation. Allegations that he and others used Fidelity Bank, where he worked for many years, as well as other offshore Cayman entities, has ensured that the Cayman Islands is once again making headlines as a tax haven with a dubious reputation.
This has led to further calls, in the UK in particular, for a clampdown on the jurisdiction and offshore finance in general. The British press has described Cayman and other UK overseas tax havens as playing a key role in the “rampant, systemic and deep-rooted” corruption in FIFA. This has intensified calls for a clampdown on the offshore banking sector, which campaigners and many NGOs say allows bribery and corruption to thrive because of a lack of transparency.
Labour MP and Treasury select committee member, John Mann, has said the use of UK offshore havens made the US probe more difficult. “They are centres for money laundering in a very big way,” he told the UK media. “We are negotiating to change relations with the European Union, but we should spend just as much time renegotiating the deals with the overseas territories. They are becoming a serious problem for the world.”
Questions are being asked around the world why the banks and institutions in tax havens — the British Virgin Islands and the Turks and Caicos islands as well as Cayman — did not flag the transactions cited in the indictment, such as two wire transfers of $750,000 and $250,000 that ended up in an account at Fidelity Bank in the Cayman Islands.
Statement by Cayman Islands Premier on the FIFA corruption scandal 3 June 2015
Category: Crime, Politics, World News
How on Earth can Cayman, and it’s Government, be held responsible for the behavior and actions of an individual over whom they had no oversight if, as alleged, he became embroiled in financial corrupt practices, for his personal benefit. Of course there has always been corruption on the island but, unless a whistleblower steps up with solid evidence, nobody can take any action against those involved.
Does all this mean we can finally bury Tempura?
What a huge blindfold you are wearing Mr. McLaughlin. Do you still not realize that a BILLION dollars of taxpayer money is unaccounted for from the department of which you are responsible for? So far. This incident is just the tip of the iceberg so to speak of the corruption that is part of the legacy of the Cayman islands.
Wonder if this inquiry will answer why, during last World Cup, the Premier was prominently featured in ads for a local private company clearly displaying their logo on his jersey?
I guess he and his ‘advisers’ felt that blatant endorsement was ok.
Now Warner has rolled over all bets are off!
Pretty late response to this.
Why hasn’t CIMA announced an immediate review of Fidelity’s policies and procedures regarding KYC / Due Diligence, and particularly what steps it takes to satisfy itself as to the source of funds passing through it’s customers accounts.
Cut the crap. Cayman is know for money laundering. Just accept it.
Why ?
Because of its ignorant and naive community of religious conservatives.
Actually, 11:01 pm, you are the ignorant one. You obviously know nothing about the strides in preventing money laundering throught our banks. A whole bunch of requirements designed to prevent and detect. The paper trails are there and are what led to those now under arrests. They thought they were smart, obviously, but eventually the system catches up with you. If all this is proven true for Webb, he enjoyed fewer than three years of the spoils but, again, if this is all true, will spend a long time contemplating the error of his ways.
And, by the way, religious conservatives are contemplating their future in heaven and not trying to accumulate treasures here on earth — at least most of them. What do they have to do with anything? Or are you truly one of the ignoramuses that don’t know which way is up?
It’s a sad situation for Cayman and a bad position for one of our own cayman grown. My concern is who else is mix up in dis?
Let’s all pray for Webb!
What a joke!
$4000 a night hotel room must come with a private chapel…and hopefully a cofessional.
Labour in the UK have consistently demonstrated their complete incompetence when it comes to understanding economics. I don’t see a change with this idiots comments. Just blowing wind for a soundbite. If he understood how much business the UK does as a result of Cayman he would shut his mouth pdq
Ummm yeah! Always reactive, never proactive… Tell us Mr. Premier, is Mr. Webb a “respecter” (Alden stated in a different article regarding hurricanes that “…weather systems are no RESPECTERS of calendars”) of the rules and/or is Mr. Webb a prime example of the underhanded dealings that take place in the Cayman Islands and the rest of the world on a daily basis?
But what did he have to say about the arrest of Jeffrey Webb? Why is no one saying anything? Is CIFA meeting under a rock somewhere planning a strategy?
Well said Mr. Premier, and timely.
The real roots of this “money laundering” problem are : (1) Drug trade and dirty money, and (2) Over-taxation by governments worldwide who do not know where to stop when it comes to spending, corruption, inefficiency waste and burdensome taxes. When you squeeze, the toothpaste goes where it can!
So, when the so called “First World’ and “Former Colonial Powers” see where the toothpaste is going, they want to squeeze it back into the tube! Try it! LOL. Colonialism is far from ended, it simply changes shape.
But my bank (FCIB) flags my transaction in sending a 50 pound sterling draft to the UK, requesting that I give all sorts of details about who it’s going to and what it’s for. So how come these huge transactions went without so much as a question mark? Ludicrous.
The Question about the flagging of these huge transactions is spot on. I would like to hear the outcome of this probe and hope that those responsible for failing to comply appropriately, if that is what happened, are found culpable and bear the consequences.
However, let us not tar the whole financial industry over this alleged failure. As we see our UK competitors are only too anxious for us to go down over this.
I hardly think this will happen; I think we will come out stronger.
All we can do now is to allow the appropriate authorities to carry out their role, and I have every confidence that will go according to law and international requirements.
Cayman has risen to the demands of protecting our industry from external corrupting forces and I am sure we will continue to overcome any new challenges.
Good job, Premier.
WOW! It took local media and public comments to make the Premier realize that official response was necessary! Almost a week later!! That’s “leadership”!!
Noooooo! Any sensible statesman will wait a while for the dust to settle, facts to bee seen, then make a statement carefully. No knee jerk reactions, or half cocked mis-firing!! Is that what you want from your leadership?
If you want to put 2000 in your bank account, you’ll have to document every penny of it.
When you come in with a few million, no questions asked.
Lets cut the crap and admit, these islands are still money-hiding places.
Of course they are, every house built by an expat is from concealed tax.
That would be about the most stupid thing you could do with money saved by dodging taxes.
Really, and why do you think people choose the Cayman’s. It’s certainly not for the downtown nightlife, no it’s because you facilitate those who wish to avoid paying taxes in their home countries. Why do you think most of these properties stand empty for most of the year or are constantly rented to tourists?
Cayman isn’t exactly the jewel in the Caribbean, it is however the easiest place to set up a secretive company and use it a a conduit to conceal dodgy money.
That’s exactly what Takkas has done in this case.
Well, actually they used their money to buy expensive houses in Georgia, not Cayman. I have a house in Cayman Kai and it stands empty for most of the year because I’m not allowed to stay there more than 6 out of twelve months. I can think of a lot of reasons to have a house besides tax evasion–snorkeling, beach combing, catching some rays, going out to eat, fishing, skiing, having house parties, cocktails with neighbors, etc.
There is a lot of anger in the UK over the corruption at FIFA and its various cohorts around the world. Public anger is starting to focus on the off shore banking sector like never before and the UK may have to enforce some very unpleasant restrictions on her territories if she is not to be seriously embarrassed by them.
Fidelity, (Cayman) is in a whole world of trouble, (literally) and should have its licences to operate revoked if found to be negligent or complicit in this massive fraud.
It is entirely possible that under the weight of UK public opinion, UK political pressure, world opinion and of course pressure from the U.S and other leading economies, that Cayman’s days as an off shore tax haven will be numbered.
Whilst FIFA is in fear of becoming a toxic brand for sponsors, the fear for Cayman must be that international finance houses are viewed the same when associated with these islands.
But it also ran through a bunch of US banks. You have a lot to learn about the banking industry. How they work etc. If a bank finds something going on, CIMA is not the agency they report to. It sounds to me like agencies aren’t talking to each other about where the local banks fit in. Who is to say they hadn’t reported it. You just don’t know. As I said CIMA is NOT the agency they would report suspicious transactions to.
Fidelity asked the right questions and were sent falsified and backdated documents from Panama, and somehow Cayman is the bad guy?!?
Yeah, before we dump all over Fidelity, let’s get the facts.
I agree. No one gave Caledonian a chance back in February and it looks like the SEC and CIMA acted too quickly before having all of the facts in that case. Give Fidelity a chance to explain themselves.
Caledonian did all the explaining they possible could. I’m sure we’ll be hearing more about them in the future.
You mean Caledonian didn’t have much time to prepare; hence, the reason the lawyers panicked.
They were too focused on all the possible wrongs committed within, as well as outside of, the indictment, and completely disregarded the plausible conduct of it business(es) that was worth mentioning in its testimony. Instead, they opted to initiate a ‘voluntary’ liquidation.
I am no lawyer, but I am surrounded by enough of them, to realized that the Authorities would find it highly-suspicious of a company to entertain such a decision; so, the SEC placed a freeze order on as much assets as possible to preserve restitution and to advance the case (i.e. case management & trial cross-examination), until a final verdict could be established.
Caledonian breached both U.S. and International Laws, but sanctions could have been levied instead of shutting it down. FCIB has created many U.S. infractions yet they are still open for business. I suppose it’s OK for me to say that Caledonian a small offshore bank with notably a daunting fate.
You clearly know nothing about the law. Can you even name the “international law” that you say Caledonian violated?
Caledonian is being accused of violating the U.S. Securities Act (only) and in particular, section 5, which states that a person cannot knowingly sell shares into the U.S. that are not registered. However, there is an exemption in section 4 of the Securities Act which says that a broker, not reading for their own account, is exempt from section 5, so long as they have made reasonable enquiries and diligence on their client. Caledonian has been clear that they NEVER traded any shares of those stocks for their own account. They provided an “execution only” service. Furthermore, Caledonian has been arguing that it has full compliance info on its clients that traded the stock, so it is entitled to the exemption in section 4
Those are the facts.
And btw, there is absolutely NO DIFFERENCE between voluntary liquidation and involuntary when the liquidator is eventually approved by the court. I’m both cases, the liquidator works for the court, not the company.
No, lets not lose the sight. The bad guys in this are those involved in the corruption. The level of this is unprecedented and now the worlds gaze will focus on the people involved. It may be prudent to have some pre prepared replies by cig to cover any further exposure or links to the Cayman Islands. I am sure there is far more to come and luckily, the links to canover Watson, cifa and Jeff Webb, do not seem to have been made by the world press yet.
11:50 am: don’t hold your breath. As the song goes, “We will survive!” And if you want to find corruption, check the big boys in London, etc.
International Banking and Finance is getting more and more complicated – even at the local levels (i.e. offshore). However, Fidelity’s relationship with Webb & Takkas must be investigated. If one or both were using inside-connections, the influence of money/wealth, or Webb’s position of trust (as a senior-level employee) to commit fraud and laundering within Fidelity Bank, then all involved should to be brought to justice.
UK Angered? According to their own local investigative journalist, who has been covering the FIFA & CONCACAF corruption for over 15 years, makes claims that UK law enforcement chose to do nothing when presented with evidence of the organization’so bribery & widespread corruption. Instead, it took the FBI to investigate and prosecute the culprits – a move that was contemplated from 2009 – but, only occurred on May 27th, 2015 (last week). Now, that’s patience, if you asked me
MUST READ: http://www.washingtonpost.com/news/morning-mix/wp/2015/06/03/how-a-curmudgeonly-old-reporter-exposed-the-fifa-scandal-that-toppled-sepp-blatter/
But the corruption wasn’t in the UK, it was perpetrated within CONCACAF and facilitated in the Caribbean and the U.S. What were the UK authorities entitled to do about foreign corruption, the FA was clear from the start that it viewed FIFA as a corrupt organisation. The U.S. Authorities started their investigations after the arrest of Chuck Blazer and his spectacular rollover.
In fact FIFA’s own investigator was silenced by Blatter when he went to publish his report recently.
So tell me, exactly what could any country do without positive proof of criminality within their own jurisdiction?
Well, a couple of their citizens were centrally involved and the money was running through one of their territories? Seems like that would be enough if the UK had wanted to do something.
UK should not be angry over the FIFA Scandal, when its authorities were allegedly approached with documentation citing probable corruption and it sat by and did nothing. Instead, the U.S. FBI had to take up the mantle to investigate, follow leads, case manage the process and interview persons with knowledge of FIFA’s widespread corruption.
It is a little late for the UK to rear its head (and become angered over the embarrassment and monetary losses), after the FBI was stuck with an investigation well pass 15 years – that involved UK banks & UK offshore jurisdictions.
I can understand why the UK refrained from investigating FIFA, however, I’m having a difficult time understanding why they would be angered over the scandal, when they had every opportunity to mitigate some of the risks presented.
Again, UK – why are you mad?
What about FCIB they were mentioned inthe indictment as well???
FCIB already have enough U.S. “John Doe” subpoenas and an on-going investigations on them. They can’t handle another scandal. Let them lay low before they dig anymore holes for themselves. Bad enough just everybody on island already suspected as potential pivots to their demise, should it was ever to happen.
@11:50m, Give’um a break from any more U.S. USDOJ, Fed, SEC, & IRS scrutiny (lol) – just for now.
Yes! Why are they not mention?
While they are trying to foreclose on Middle-class, U.S. resident and citizens’ homes, I hope they report correct capital gains/losses to the IRS if AND when the sale happens.
Anyways, FIFA is just one more thing to expose them.
Lawd…
http://www.tribune242.com/news/2015/jun/08/cibc-probes-250k-fifa-bribe-cheque/
‘FIFA Corruption’, the movie, is probably already in the works. Danny De Vito would be perfect as Sepp Blatter, but who would play Jeff Webb? I’m thinking Ving Rhames or Denzel, if he can bulk up enough. Or how about Robert Downey Jr. after his sterling work in Tropic Thunder? Hmmm……
And Frankie Flowers as Director!
I like…
We may need a trilogy or sequel (of some sort) to capture full scope this story. A single 105-minute film just wouldn’t do it justice.
“I’m the dude playin’ the dude, disguised as another dude!”
They didn’t flag it up because its business as usual. In any one day there are millions, if not billions flowing through bank accounts in Cayman that are questionable meanwhile the little man in the street is scrutinized and needs confirmation where $100 came from and needed written verification before he could open an account.
This is just not true. Unlike the Hollywood portrayals, the size of Cayman’s retail banking market is comparatively minute by international standards. There are only a handful of class A banks, and none with more than $1bln in on their balance sheets (including mortgages). Cayman is a Hedge Funds and Reinsurance Center, not a banking center. Hasn’t been for decades. Bahamas on the other hand…
Unfortunately CIMA, with the support of the financial industry, continues to market Cayman using the silly deposits league tables. So Cayman has itself, quite unnecessarily, been perpetuating the trillions on account myth for decades and it keeps coming back to bite.
Are hedge funds and reinsurance, those paragons of virtue.
All are offshore tax avoidance strategies.
“structured” hedge funds
AND
“third-party” reinsurances
GETTING MORE RETURN ON INVESTMENTS, OR ASSETS UNDER MANAGEMENT, IS THE ‘NAME OF THE GAME’
So why do we never hear of the Bahamas under attack?
But I thought Fidelity in Cayman was a Bahamas headquartered company?
They may not have flagged the transactions for the same reason the US and European banks didn’t flag them..There was false documentation from legitimate businesses that concealed the true purpose of the transaction. Fidelity has also stated that they were satisfied that they had met their obligations with respect to reporting suspicious activities so they may have actually reported these transactions.
BINGO! A smart one at last. Thank You.
Whether the document was falsified knowingly, or unknowingly, to the receiving financial institution, it’s purpose was the conceal its original and/or true purpose – thereby avoiding any likelihood of them being flagged for suspicious activity i.e. laundering, bribery, tax evasion, etc.
Panama’s banking & financial tricks are no different from Cayman. It’s business as usual. While the U.S. may care about laundering, bribes, tax evasion and the likes, the Caribbean and Central/South (Latin) America simply view it as a normal, & legitimate, business tactic/strategy.
In essence, “MAY THE BEST MAN WIN, IN THE ABSENCE OF RULES!”
It is simply not true to suggest that Panama is tainted and we are no different. I do not know about what goes on in Panama, as to how compliant they are, but you need to be sure of your facts before you write. Cayman has all the rules and regs it requires — and when people try to circumvent, we see what happens — they get caught.
If, despite all the laws, regulations, legal assistance treaties, people are still taking risks, they, I am sure will ultimately be detected one way or the other.
And I have no sympathy for them.
In other words, he said nothing about the Webb arrest etc.
Hey Alden. When are our robust enforcers actually going to be the first to take action on one of these issues? It seems there is not an element of our laws that we are capable of enforcing. It all rings a little hollow.
10:45 am: the investigatory work right now is focusing on the FIFA transactions by the relevant local banks. That is the role of CIMA. They are reviewing how the transactions were handled, whether they were compliant with international requirements.
By the way, remember that the funds originated from external banks — if originating banks are not compliant, it undermines the abi,it’s of receiving banks to be as effective as possible, particularly if the transactions are accompanied by falsified documentation, as I saw suggested elsewhere.
The actual onvestigation of FIFA itself is a US initiative. I am sure if they request assistance from our law enforcement it will be forthcoming.
However, it is not up to law enforcement here to initiate investigation. This whole thing is bigger than Cayman — and I actually not sure that the U.S. needs our help — I think they already have the evidence they need.
If an SAR was filed by any financial institution, what did our robust enforcers do in response?
I too think the U.S. already has the evidence they need. They are likely trying to verify the info local authorities will claim to have or not to have. Cross-checking evidence to primary and secondary sources.
why can’t we be honest?….cayman’s econony is based on tax avoidance and has a despicable history in terms of fraud, corruption and money laundering….some of which still continues today……
admitting the problem is the first step in adressing the problem……thats if you want to address it…..
In fairness, the indictment states that Cayman’s institutions asked the right questions but were misled by backdated and falsified docs from Panama. Why wouldn’t we take issue with Panama about their pivotal role, or Hong Kong, or Singapore, or the major US institutions that either originated, “okayed”, or cleared all of these US dollar payments? All these firms should bear their proportionate amount of scrutiny and responsibility – including, and not least of which, the ones onshore.
But it’s so much easier to blame Cayman. Stop overthinking this!!
Thank you 1:57 pm for bringing some sanity to the discussion. Some are so anxious to dump all over Cayman, that they ignore the facts or don’t want to know. Many other international banks were involved — and the originating banks outside of Cayman bear the bulk of the responsibility.
We have to be careful — in our anxiety to dump all over Cayman we add to the tarnishing of the industry and we will all pay the price for the unfair damage.
Hey 10:20 am, you do realize of course that Cayman is way ahead of most similar financial centers in its compliance with international requirements? We have addressed the issues. There is no longer a case of if we want to. We have to comply and we are compliant. Sorry, you are off the mark here.
Ignorance is indeed bliss!
10.20, thou doth talketh shite. Just been through a CIMA inspection…nothing to hide, but damn if they didn’t do their best to find something…you don’t want to be the wrong side of that…
Unless you is a family member.
Sorry 5:11 but based on my experience CIMA couldn’t find their collective backsides with a map and an instruction manual. I’m not saying they don’t do a pretty good job of going through the motions but at the end of the day it’s really just a box ticking exercise like a vehicle inspection so as long as you know which boxes need ticking you’ll be OK. Compared with the IRS or the UK’s HMRC CIMA are amateurs .
A culture that is based on corruption will do everything in its power to keep things the same. So no. It will never be addressed much less changed. The only hope Cayman has is in its younger generation choosing to do things differently when they take over.
Where is the evidence that this is a culture based on corruption? Where are the wide scale investigations, proliferating arrests, court to court case hearings? Remember, we have one arrest and that is still under investigation.
@12:48 It’s the fact that everyone knows it’s going on and who is involved but nobody ever ends up in court let alone in jail. When I first started doing business with these islands over 20 years ago I soon realised that greasing the wheels was the only way to get on. Since then nothing much has changed except that what I could get fixed in 1992 for CI$100 now costs me CI$500 or more – guess you could call that inflation?
I wish it had cost you more. You are as dishonest as the persons you accuse. Dirt is a magnet for more dirt.
Labour MP and Treasury select committee member, John Mann, has said the use of UK offshore havens made the US probe more difficult. “They are centres for money laundering in a very big way,” he told the UK media. “We are negotiating to change relations with the European Union, but we should spend just as much time renegotiating the deals with the overseas territories. They are becoming a serious problem for the world.”
Ah the Labour Party. With such a glorious history of destroying the UK economy. Thankfully the good people of the UK understood the grave dangers posed by these twits and didn’t vote them in again.
Don’t think Mac’s previous excuse of “there was no policy in place” is going to work this time gents.
Or the “Concacaf is a sacred vessel” defense either
Lawer up with Steve, problem solved!
And makes sure it is a Cayman jury.
and all the UDP show up to glare at the jury and cause undue influence in them
That was a sweet move on Mac daddies part. He is sooo savvy.
And then have mac and thugs come to court to make sure the jury knows that mac and thugs know who is sitting where. Problem solved!
Late as Usual Progressives
Thanks, Premier. I am satisfied with your statement and I have little problem with the timing. There is not a great deal that the Premier can or could do or even say about this emerging situation of any particular significance.
I prefer to have a Premier who avoids rushing in — let’s leave that to the fools — and takes some time to get the facts, some of which are not yet known, by the way. These are early days yet.
It would be wise hope that in addition to the Premiers statements that there is an action plan being formulated by the Financoal Services providers and the CIG, to stave off undue commentary and pressure from the OTPHOBICS. Their poignant statements have commenced and will yet again continue to portray Cayman Financial services in a further dark light . This will no doubt be in the furtherance of our demise as competitors. There will not be any easing of caustic statements from certain UK parliamentarians and perhaps a barrage from the US; although much can be said for the lack of scrutiny at their end which probably is based on the amount of money FIFA runs through their books and the large fees collected.
How true, JohnHenry.
In yet another Compass editorial: on Thursday, we see the Compass calling upon Head of CIMA to immediately recuse herself from handling FIFA-related matters — well I immediately wondered when the Compass was going to reveal its business relationship in some of its sister companies with some of the figures that it covers and recuse itself from defending same.
For example, it is my understanding, and I can be corrected, but I have been reliably informed that the Commissioner of Police/the RCIPS is a client of a Pinnacle PR agency. Yet, I see that the Commish enjoys great prominence in highly placed stories and is frequently featured in Compass stories that seek to even outrageously defend the CoP’s position in some instances. for example, we saw this treatment of the Commish in the unfortunate case with the Jamaican police officer who remained on pay with the RCIPS while facing murder charges in Jamaica — even at one point being taken back on staff! There was a clear line of deference even defense in the way that story was written — and nary a word in these, supreme, all knowing, having all the answers editorials, as to the propriety of those actions by the Commish.
Then, we have certain business relationships that the Compass has with its major investor, for example, that affords that investor the same favor of its editorial power and story placement.
Not very kosher, Compass, not very kosher, and we are observing and noting. The public may not be saying, but they are aware.
When are you going to declare these business connections when you cover stories and recuse yourself?
I think it’s fair that she be called upon recuse herself. She’s married to Mark Scotland who is involved with CIFA, no?
CIMA is not investigating FIFA or CIFA. It is reviewing the transactions of the banks involved with transferring FIFA funds. That is not the same as investigating FIFA. The US and its international investigatory alliances are investigating FIFA.
Who is Mark Scotland ?
The US indictment states that three of Britain’s overseas territories—the British Virgin Islands, the Cayman Islands and Turks and Caicos—played a part in masking kickbacks. Will the Foreign and Commonwealth Office ensure the full compliance of those territories with any ongoing investigations—and if they refuse, will the Government appoint their own special investigator and prosecutor for those territories? Hmmm
8:02 am: you can rest assured that Cayman will cooperate fully with authorities’ requests for assistance through CIMA. That is what we do, as required by Cayman laws, regs, and international requirements.