Tag: money laundering
UK pondering takeover of BVI government
(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 […]
BVI premier arrested on drug charges in Miami
(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. […]
Panton chooses finance over climate for o’seas talks
(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 […]
More challenges ahead for offshore sector in EU
(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.
Developers, realtors offered AML seminar
(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 […]
Developers pose major AML risks
(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.
Cayman develops online AML learning platform
(CNS): As part of continuing efforts by the Cayman Islands to fill gaps in its regime dealing with financial crime identified by the Financial Action Task Force (FATF) and avoid potential black-listing, the government, with support from Cayman Finance, has developed online learning modules relating to anti-money laundering, countering terrorist financing, and countering proliferation financing […]
ACC arrests 4th man in long running case
(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 […]
Public officials charged in mystery ACC probe
(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 […]
‘Dirty gold’ was proceeds of crime, says QC
(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 […]
Peek at financial crime used to raise awareness
(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 […]
