Tag: money laundering

Blake points finger at Watson and Webb over CONCACAF fraud

Blake points finger at Watson and Webb over CONCACAF fraud

| 09/08/2022

(CNS): Bruce Blake told investigators after he was arrested for money laundering in 2017 that he knew nothing about any dishonesty in relation to the alleged theft from the Confederation of North, Central America and Caribbean Association Football (CONCACAF) of $1.5 million by his colleague, Canover Watson. In interviews, Blake, a former Cayman Islands Football […]

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Crown: Watson stole $1.54M in football invoice fraud

Crown: Watson stole $1.54M in football invoice fraud

| 07/08/2022

(CNS): Canover Watson, the former treasurer of the Cayman Island Football Association (CITA), stole US$1.54 million from CONCACAF, the regional football body, using false and massively overinflated invoices, prosecutors alleged as they opened the decade-long case against Watson and Bruce Blake on Friday. They accused Blake, the former VP of CIFA and at the time […]

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Real estate still poses high risk of money laundering

Real estate still poses high risk of money laundering

| 05/08/2022 | 138 Comments

(CNS): More than 40% of property developers and real estate agents selected last year by the Department of Commerce and Investment for inspection for their anti-money laundering processes were found to be non-compliant with the regulations. According to both the DCI’s 2021 Supervisory Report and the National Risk Assessment 2021, which have both been made […]

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BVI premier waiting release on bond from US jail

BVI premier waiting release on bond from US jail

| 04/05/2022 | 37 Comments

(CNS): A Miami judge has ruled that British Virgin Islands Premier Andrew Fahie (51) can be released on U$500,000 bail following his arrest on drug-smuggling and money laundering charges in a DEA sting in South Florida last week. According to news reports in the US following Fahie’s scheduled court appearance on Wednesday, Judge Alicia Otazo-Reyes […]

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Fahie planning return to work as premier of BVI

Fahie planning return to work as premier of BVI

| 02/05/2022 | 94 Comments

(CNS): The premier of the British Virgin Islands, Andrew Fahie, has said he will not resign from his job leading the overseas territory and that he was “framed” by the BVI’s “colonial masters”. In a social media message, which he asked to be circulated, sent from jail after his arrest last week on drug trafficking […]

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UK pondering takeover of BVI government

UK pondering takeover of BVI government

| 29/04/2022 | 78 Comments

(CNS): The UK government is poised to take over the British Virgin Islands Government, suspending its constitution and dissolving the elected branch, for at least two years after the Commission of Inquiry report into governance in the territory was released Friday. The publication of the damning report, which found that governance in BVI “was appallingly […]

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BVI premier arrested on drug charges in Miami

BVI premier arrested on drug charges in Miami

| 28/04/2022 | 93 Comments

(CNS): The premier of the British Virgin Islands, Andrew Fahie, has been arrested in the United States on charges related to drug trafficking and money laundering. According to various US news reports, he was arrested at a Miami-area airport by federal agents on charges of conspiring to import cocaine into the US and money laundering. […]

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Panton chooses finance over climate for o’seas talks

Panton chooses finance over climate for o’seas talks

| 22/04/2022 | 50 Comments

(CNS): Premier Wayne Panton turned down an invitation to present the keynote speech at a climate summit in Turks and Caicos this week in favour of attending the Caribbean Financial Access Roundtable in Barbados being co-hosted by CARICOM and Maxine Waters, chair of the US House of Representatives Financial Services Committee. The talking shop covered […]

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More challenges ahead for offshore sector in EU

More challenges ahead for offshore sector in EU

| 25/01/2022 | 87 Comments

(CNS): The financial services industry in the Cayman Islands is bracing itself for another rocky year, as this jurisdiction could be included on the European Union’s list of high-risk third countries for money laundering that pose significant threats to the financial system of the Union.

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Developers, realtors offered AML seminar

Developers, realtors offered AML seminar

| 21/06/2021 | 18 Comments

(CNS): A number of financial service experts have created an anti-money laundering (AML) seminar designed for people in real estate and development to help them understand the risks and vulnerabilities of their sector and the need for them, just like financial institutions, to know their clients. The question of the property sector’s vulnerability to financial […]

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Developers pose major AML risks

Developers pose major AML risks

| 19/05/2021 | 87 Comments

(CNS): As property development and construction continues to surge across the Cayman Islands, it’s not just the natural environment that is at risk. The large number of developments for commercial purposes, especially beach and waterfront condo and apartment projects, are posing a risk to the jurisdiction because of their vulnerability to money laundering.

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