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Monday, Dec 09, 2019

Cayman provides money laundering case studies

Cayman provides money laundering case studies

The Cayman Islands Anti-Money Laundering Steering Group (AMLSG) has compiled real-life crime cases, involving real estate, non-profit organisations, corporate services, tax evasion, and trade to sharpen Cayman's use of law enforcement and regulatory intelligence.
Details of past attempts, locally and globally, have been compiled into the Cayman Islands Anti- Money Laundering Steering Group's Money Laundering Typologies and Trends. While the publication's title focuses on money laundering, it also describes past cases of terrorist financing and proliferation financing, referring to weapons of mass destruction.

Attorney General Samuel Bulgin said in a press release that while the identities of individuals and companies are not provided in the publication, the cases would raise public awareness of these types of crimes.

"But foremost, this publication is for financial institutions, and designated non-financial businesses and professions - a group that includes realtors, dealers of precious metals and stones, and accountants," Bulgin said.

"Providing these actual cases will help them to develop even more effective policies and procedures to prevent, detect, and respond to these crimes," he added.

The case studies, particularly those relating to the misuse of legal persons, featured prominently in outreach sessions held during the week of 4 Nov. for these specific groups and individuals.

AMLSG national coordinator, Elisabeth Lees, said he publication is an important step in fulfilling the CFATF's recommended actions, outlined in its March 2019 report, for further strengthening Cayman's regime, noting that Cayman has until February 2020 to demonstrate its progress.

Data for the publication came from the Financial Crime Unit, Royal Cayman Islands Police Service, Cayman Islands Monetary Authority, Financial Reporting Authority, Department of Commerce and Investment, Cayman Islands General Registry, Cayman's 2015 National Risk Assessment and international sources.
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