Title: International Collaboration Bolsters Cayman Islands’ Fight Against Financial Crimes

FCIU’s Successes in Combatting Financial Crimes (2016-2017)

Investigations and Seizures: The Financial Crime Investigation Unit (FCIU) reported 93 investigations and 13 cash seizures during 2016 and 2017, resulting in:
- CI$160,000 in Cayman Islands dollars and US$25,400 being detained.
- Assets, including vessels, houses, and cash deposits, valued at CI$138,000 being restrained.

Collaboration with the Office of the Director of Public Prosecutions (ODPP): The unit’s investigative efforts led to convictions and substantial asset forfeitures, with sentences ranging from 12 to 20 months.
Examples of successful investigations:
- Immigration Fraud: A man defrauding an elderly person received a 12-year sentence, a compensation order, and deportation.
- Counterfeit Bank Cards: A Bulgarian national was sentenced to 20 months and deported for possession of 62 counterfeit bank cards.

Complex Cases and Online Scams: FCIU investigators collaborate closely with their international counterparts to investigate complex cases and combat the growing number of online scams.
Significance of international partnerships: The majority of online scams originate from other jurisdictions, making international partnerships essential to identifying and apprehending offenders.

Proactive Task Force: In 2017, FCIU established a new Proactive Task Force for International Money Laundering and Terrorist Financing to facilitate foreign requests for assistance.
Compliance with International Standards: The Cayman Islands strictly adheres to the Financial Action Task Force’s (FATF) 40 Recommendations and provides a platform for local institutions to share intelligence and expertise.

Local Agencies: The FCIU collaborates closely with local agencies, including the Financial Reporting Authority, Cayman Islands Monetary Authority, and Department of Commerce and Investment.
Annual Fraud Prevention Seminar: This outreach initiative gathers industry professionals to discuss the latest trends in online scams and counterfeit currency.

Increased Fraud, Cybercrime, and Money Laundering Activities: The ongoing COVID-19 pandemic has led to a rise in fraud, cybercrime, and money laundering activities.
FCIU’s Continued Commitment: The unit remains dedicated to staying informed and collaborating with international partners to protect the Cayman Islands’ financial landscape.