Tag: money laundering
Suspicious activity not properly investigated
(CNS): The evaluation of the Cayman Islands by CFATF has identified a long list of potential risks, threat and vulnerabilities faced by the jurisdiction as a result of the size and sophistication of its offshore financial sector. One significant concern, from the long list identified in the report, is the failure of the disclosures from […]
Major risks found in Cayman’s finance sector
(CNS): The Cayman Islands Government is faced with a long ‘to do’ list to address “major deficiencies” inhibiting the jurisdiction’s “ability to analyse and understand its risks”, according to a new report. Well aware that the latest peer review on how Cayman combats money laundering and terrorist financing was likely to be damning, the premier […]
Deutsche Bank raided over Panama Papers link
(CNS): German law enforcement officials have raided the Frankfurt headquarters of Deutsche Bank in a money laundering investigation connected to the notorious Panama Papers. German prosecutors allege that two staff members at the bank helped clients launder money from criminal activities using offshore accounts in the British Virgin Islands. During raids of a number of Deutsche Bank […]
Canada’s legal weed sparks Cayman money laundering claims
(CNS): While the prospect of legal cannabis for recreational use in the Cayman Islands is not expected anytime soon, Canada is just a couple of months away from full legalisation. As that date approaches, legislators have raised concerns that the multi-billion dollar legal weed market could be taken over by organised crime, with proceeds laundered […]
Suspect dealers charged with money laundering
(CNS): A couple arrested Tuesday on suspicion of drug dealing after they were stopped in a car on the Esterley Tibbetts Highway have been charged with several offences, including money laundering. The 35-year-old man from West Bay was charged with conspiracy to supply cocaine, possession, and possession with intent to supply cocaine and ganja, as well […]
Appeal court cuts sentence in $2M theft
(CNS): A Canadian woman’s 12-year jail sentence for stealing over $2 million from her elderly boyfriend has been reduced to ten years by the Cayman Islands Court of Appeal. Michelle Bouchard (55) was handed the lengthy term in April by the trial judge, Justice Paul Worsley, who described the theft as being on an “eyewatering […]
Merren’s appeal in US opposed by prosecutors
(CNS): The US authorities that convicted Caymanian businessman Bryce Merren (49) on drug conspiracy charges last year have asked the court to dismiss his appeal against sentence as he has already agreed to waive his rights to challenge the negotiated nine-year jail term. They said that his “bald and conclusory” claim that his counsel failed […]
Bank theft case delayed over legal troubles
(CNS): A former assistant manager with Cayman National Bank who has been charged with stealing some $25,000 from customers and the bank with a variety of deceptions has still not answered the 29 charges against him relating to the theft, after his case was adjourned for the second time this month without progress as he […]
Syed theft case postponed until New Year
(CNS): The former president of the University College of the Cayman Islands (UCCI) who is charged with stealing more than half a million dollars from the university was granted an adjournment this week in his case, which was set to go to trial at the end of this month. Hassan Syed will now not face […]
Bank employee charged with stealing around $25k
(CNS) A former assistant manager with Cayman National Bank has been charged with stealing around $25,000 from customers and the bank by various means over a three-year period. Dale Antonio Allen appeared in Summary Court Monday to answer the charges but the case was adjourned when the magistrate heard that the prosecution and defence had […]
Fraud suspect volunteers to go to jail
(CNS): A former offshore accountant accused of stealing over $500,000 from a client’s fund surrendered to custody Friday, volunteering to begin serving time even before he has been formally convicted or sentenced. Robert Neil Aspinall (38), who is accused of stealing from the fund he was liquidating while working for Deloitte, faces fourteen charges, including theft, […]
