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Cayman Islands Court Decisions Set Important Precedents

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Decision 1: Judicial Review of AMLR Findings

The Grand Court of the Cayman Islands has made a significant judgment in several applications for judicial review of findings by the Monetary Authority (the “Authority”) under the Anti-Money Laundering Regulations (the “AMLRs”). The applicants were successful in their application(s) for judicial review, providing valuable guidance on the interpretation and application of certain provisions of Regulation 12 of the AMLRs.

Key Takeaways

• Due diligence requirements in respect of business relationships and authorized signatories
• Requirements relating to the establishment of a client’s source of funds and/or source of wealth

Decision 2: Restoration Order for Fraudulently Dissolved Company

The Grand Court has made its first restoration order in respect of a fraudulently dissolved Cayman Islands company, setting an important precedent for liquidators and creditors of insolvent companies who are victims of fraud. The court found that a fraud had occurred in the voluntary liquidation which undermined the statutory purpose of the voluntary liquidation regime.

Implications

• The Grand Court will grant practical relief to assist with unwinding fraudulent winding up proceedings and facilitate the recovery of assets alleged to have been misappropriated.
• This decision demonstrates the court’s commitment to providing assistance to victims of fraud in the Cayman Islands.