Tag: money laundering

ACC arrests 4th man in long running case

ACC arrests 4th man in long running case

| 09/01/2020

(CNS): A 43-year-old man from Bodden Town was arrested by Anti-Corruption Commission investigators on Thursday in connection with a probe stretching back to the spring of 2018, which is believed to be connected to procurement irregularities at the Cayman Turtle Centre. The man is the fourth person to be arrested in connection with the corruption […]

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Public officials charged in mystery ACC probe

Public officials charged in mystery ACC probe

| 19/12/2019

(CNS): One former and two serving public officials have been charged with fraud and money laundering offences by investigators from the Anti-Corruption Commission in a mystery probe that is believed to be connected to the Cayman Turtle Centre in West Bay. Mark Anthony Manderson, (38) described by the ACC as a former public officer from […]

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‘Dirty gold’ was proceeds of crime, says QC

‘Dirty gold’ was proceeds of crime, says QC

| 05/12/2019

(CNS): James Hines QC said $6 million worth of ‘dirty gold’ transferred through the Cayman Islands by a group of Venezuelan nationals earlier this year derived from a crime that has not been identified. But opening the crown’s case against five defendants accused of money laundering and conspiracy to conceal criminal property, Hines told the […]

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Peek at financial crime used to raise awareness

Peek at financial crime used to raise awareness

| 12/11/2019 | 6 Comments

(CNS): Cases of financial crime with Cayman connections, especially when related to the offshore sector, have historically remained largely under wraps here. But in a new report, “Money Laundering Typologies and Trends”, the authorities use examples of suspicious behaviour and real criminality that have touched Cayman as a way of helping people in relevant industries […]

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Developers must register with DCI

Developers must register with DCI

| 17/10/2019 | 14 Comments

(CNS): The deadline for property developers operating in the Cayman Islands to register with the Department of Commerce and Investment as a Designated Non-Financial Business and Profession is just two weeks away. Anyone who develops or sells property in Cayman without using a real estate agent is now required to register under new rules that […]

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Minister talks regulation with offshore sector

Minister talks regulation with offshore sector

| 20/09/2019 | 12 Comments

(CNS): Financial Services Minister Tara Rivers told hundreds of representatives from the offshore sector recently that government was doing all it could to deal with the new demands in financial standards. Providing a review of efforts to keep pace with new standards in tax transparency, anti-money laundering and counter-terrorism financing, and prudential regulation, she told […]

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Charities warned over vulnerabilities

Charities warned over vulnerabilities

| 09/09/2019 | 6 Comments

(CNS): With more than 450 local churches, sports clubs, community groups, charities and other non-profit organisations registered with government, the registrar for NPOs hosted an information session recently to help these entities manage their risk of being used for money laundering, terrorist financing and financial sanctions dodgers. This was the latest in a number presentations […]

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New legislation tightens up trust sector

New legislation tightens up trust sector

| 27/08/2019 | 1 Comment

(CNS): Two pieces of legislation have now come into force that will tighten up the regulatory regime for the management of private trusts and their administrators. The Private Trust Companies (Amendment) regulations, 2019 provides clearer definitions for terms given to those involved in the administration of trusts, while the Trusts (Transparency) Regulations, 2019 lists the information that […]

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Jewellers warned of sector’s financial risks

Jewellers warned of sector’s financial risks

| 22/08/2019 | 16 Comments

(CNS): It is no longer just offshore financial institutions that are vulnerable to money laundering. Industries as diverse as real estate and jewellers are also at risk of being used to disguise the source of assets. Dealers in precious metals and stones (DPMS) were recently warned by government officials at a special workshop organised for […]

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Blake and Watson charged in CIFA case

Blake and Watson charged in CIFA case

| 08/08/2019

(CNS) After what officials said was “a complex and protracted investigation” by the Anti-Corruption Commission, former Cayman Islands Football Association executives Bruce Blake and Canover Watson have been charged with a list of offences under various laws in relation to financial crimes at CIFA. The two men were arrested more than two years ago in […]

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Law firm register established

Law firm register established

| 07/08/2019 | 13 Comments

(CNS): All law firms and sole practitioners operating in Cayman must register with a new legal regulator before the end of this month, as government presses on with the job of meeting the latest international rules for the financial sector. The newly formed Cayman Attorneys Regulatory Authority (CARA) has begun to build its regulatory oversight […]

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