Financial Crime World

Financial Crime Prevention Programs in Cayman Islands Show Promise

The Cayman Islands have made significant strides in preventing financial crime, with a specialist unit dedicated to investigating complex cases.

Notable Successes

  • The Financial Crime Investigation Unit (FCIU) has seen notable successes in recent years, including:
    • A 14-year sentence for a man who defrauded dozens of immigration applicants
    • An eight-year sentence for another man who stole CI$500,000 from the University College of the Cayman Islands

Collaboration with International Organizations

  • The FCIU works closely with international organizations, including:
    • The Financial Action Task Force (FATF)
    • The Caribbean Financial Action Task Force (CFATF)

Implementing FATF’s 40 Recommendations

  • The Cayman Islands have implemented FATF’s 40 Recommendations on the Prevention of Money Laundering and the Countering of Terrorist Financing

The Role of the RCIPS

  • The Royal Cayman Islands Police Service (RCIPS), which includes the FCIU, plays a key role in facilitating these recommendations
  • The unit has established a Stakeholder Forum to promote public-private partnerships and intelligence sharing between industry, law enforcement, and regulatory authorities

Experts’ View on Financial Crime Prevention

  • Experts say that the Cayman Islands’ efforts to prevent financial crime are showing promise
  • However, they note that the jurisdiction must continue to evolve its approaches to stay ahead of emerging threats

Stakeholder Forum

  • The Stakeholder Forum has provided a dynamic dialogue on financial crime threats, based on shared and agreed objectives and priorities
  • This public-private partnership aims to further engage the Public-Private partnership to achieve an elevated standard of intelligence sharing and analysis

Collective Ownership for Financial Crime Risks

  • The Cayman Islands’ stakeholders have recognized the importance of collective ownership for financial crime risks in the jurisdiction
  • Leveraging collaborative expertise to create a culture of collective ownership, the forum has shared general characteristics that underlie suspicious activity identified or crimes perpetuated

Future Directions

  • Experts say that continued evolution of approaches will be necessary to stay ahead of emerging threats
  • A strong public-private partnership is essential for effective financial crime prevention