Financial Crime
Cayman gears up for CFATF review
(CNS Business): The attorney general has said that the Portfolio of Legal Affairs, the Ministry of Financial Services and CIMA have been working with the public sector agencies and private sector stakeholders to get the jurisdiction in a state of readiness for the upcoming evaluation by the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation […]
US fraudster used stolen cash for Cayman home
(CNS Business): A Kansas City man who admitted embezzling over US$6.5 million from his bosses also used some of his ill-gotten gains to buy a pricey beach house in the Cayman Islands using Cayman National Bank, according to a release from the US Attorney’s Office for the Western District of Missouri. Douglas Ferrell (34), who appeared […]
Work still needed ahead of task force review
(CNS Business): A summary of a National Risk Assessment that began in 2014 has been released to the public two years after it was finished, ahead of Cayman’s fourth round of Mutual Evaluation by the Caribbean Financial Action Task Force (CFATF) at the end of the year. The assessment found a catalogue of issues that […]
Ex-Cayman banker dodges jail term in Switzerland
(CNS Business): A former offshore banker who was based in the Cayman Islands before he blew the whistle on his former bosses at Julius Bäer, accusing them of assisting clients with tax evasion and leaking sensitive account information to Wikileaks, will not go to prison. Rudolf Elmer (60) was given a 14-month suspended sentence after […]
Liquidators on trail of fugitive for missing $4M
(CNS Business): Joint liquidators trying to untangle the affairs of Ryan Bateman and the group of Cayman-registered companies he once owned and managed have filed another winding up petition and are on the fugitive’s trail for some $4 million of investors cash and assets that has gone astray from Bateman & Company. The Canadian national absconded […]
CIG ready to assist Canada’s tax evasion probe
(CNS Business): As Cayman National finds itself embroiled in another international tax evasion investigation, this time regarding the actions of clients of two Canadian banks, the Cayman government says it is ready and willing to assist Canada in uncovering where its citizens may have used offshore accounts to avoid tax obligations at home.
DMS caught up in class action against client
(CNS Business): Cayman-based financial services firm, DMS, has been sucked up into a class action suit against a former BVI company accused of fraud which was once one of its clients. More than 300 investors who collectively had more than $50 million invested in CWM Limited, a foreign exchange trading firm incorporated in BVI and […]
Email scams costing businesses $billions
(CNS Business): Unsuspecting employees in Cayman are being targeted by criminals with ‘Scareware’ and sophisticated email scams, enabling them to siphon off cash from these companies without the need for complex hacking techniques. The FBI’s Internet Crime Complaints Center (ICC) has issued an alert surrounding Business Email Compromise (BEC), which it called the $3.1 Billion […]
Experts warn of fallout from Panama Papers
(CNS Business): Cayman may not have been named yet in the Panama Papers, but the scandal is only just beginning and with many more documents yet to be analysed and released in May, there are no guarantees that the jurisdiction will escape unscathed. But even if it does, the impact of the papers could still […]
Cayman’s compliance vastly superior to Panama’s
(CNS Business): The biggest tax leak in history, which revealed how a law firm in Panama helped thousands of people, including a number of world leaders, evade tax and hide money offshore, has up ramped calls for the UK government to increase the pressure on the British overseas territories (BOTs), including the Cayman Islands, to […]
Cayman National ‘regrets’ affiliates’ tax scandal
(CNS Business): Cayman National Corporation (CNC) was quick to pass off revelations that its subsidiaries had, for more than ten years, assisted US account holders in massive tax evasion as an historic issue that impacted lots of other banks around the world. In a statement Thursday the corporation said the conduct was a thing of the past, […]
Cayman firms fined $6M for helping tax dodgers
(CNS Business): Two subsidiaries of the Cayman National Corporation have pleaded guilty to helping clients evade taxes in a US Department of Justice crackdown on tax cheats. Cayman National Securities and Cayman National Trust entered guilty pleas Wednesday in a New York federal court. The two entities will pay US$6 million in forfeiture and fines, […]
Cayman details alternative to open beneficial owners register
(CNS Business): Financial Services Minister Wayne Panton has been in discussions with UK officials about alternatives to the controversial central public register of beneficial ownership that will still meet the British government’s transparency requirements for its territories. Panton updated representatives from the Foreign and Commonwealth Office (FCO) who visited the Cayman Islands on Tuesday about progress his ministry […]
Cayman National to pay $5M in US tax evasion probe
(CNS Business): Cayman National Corporation is expecting to part with some $5 million in fines to the US authorities in relation to what the bank called “past wrongdoing” by two of its companies, Cayman National Securities and Cayman National Trust Company. In a report on the bank’s website covering its fourth quarter report for 2015, CNC revealed that […]
UK enforcement agencies to visit Cayman
(CNS): The UK is expected to send law enforcement officials to Cayman in the New Year to enhance the current cooperation regime between this jurisdiction and the authorities in Britain regarding financial crime and money laundering. Financial Services Minister Wayne Panton said that experts are coming at Cayman’s invitation to “improve on the collaboration” on global financial […]
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