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Financial Crime Investigation Techniques in Cayman Islands

The Financial Crime Investigation Unit (FCIU) is a specialized unit dedicated to investigating criminal offenses related to money laundering, terrorism financing, and fraud. In 2016 and 2017, the FCIU investigated 93 financial crime cases, seized over CI$160,000 and US$25,400 in cash, and restrained several assets including vehicles, boats, houses, and cash deposits.

Recent Court Results

The unit works closely with the Office of the Director of Public Prosecutions (ODPP) to pursue convictions in complex cases. Recent court results include:

A 14-year sentence for a man who fraudulently offered immigration advice and defrauded dozens of applicants
An eight-year sentence for another man who defrauded the University College of the Cayman Islands of CI$500,000
A 20-month sentence for a Bulgarian national found in possession of 62 cloned bank cards

Combating Online Scams

The FCIU also investigates fraud cases resulting from online scams, which have become increasingly common with internet-based commercial transactions and online banking. These scams often use phishing emails or fake job advertisements to obtain funds by deception and personal information.

Proactive Task Force for International Money Laundering and Terrorist Financing

To combat money laundering and terrorist financing, the FCIU has established a Proactive Task Force for International Money Laundering and Terrorist Financing. The unit also works with local agencies, including the Financial Reporting Authority (FRA), Cayman Islands Monetary Authority (CIMA), and Department of Commerce and Investment (DCI) to protect the Cayman Islands from financial crime.

Fraud Prevention Seminar

Every year, the FCIU organizes a Fraud Prevention Seminar in collaboration with local banks, De La Rue from the UK, and overseas law enforcement agencies. Detectives also appear regularly in the media to provide crime and fraud prevention advice for the general public.

The FCIU Team

The FCIU consists of seven Detective Constables, one Detective Sergeant, and one Assistant Superintendent, who are trained to investigate complex financial crimes. The unit’s expertise includes:

Forensic accounting
Computer forensics
Surveillance techniques

Cayman Islands’ Public-Private Partnership

In 2017, the Financial Crimes Investigation Unit (FCIU) established a Stakeholders Forum, which brings together compliance officers from Class A Banks and Money Services Bureaus to share information and intelligence on financial crime risks. The forum has since expanded to include Trusts and Corporate Service Providers.

Objective of the Stakeholder Forum

The objective of the Stakeholder Forum is to create a culture of collective ownership for financial crime risks in the jurisdiction by sharing actionable and typological information to inform what constitutes financial crime risks and incidents.

The COVID-19 pandemic has led to unprecedented global challenges for law enforcement activity and economic disruption. The FCIU has reported an increase in fraud and cybercrime due to the pandemic. A report by ARIN CARIB highlights the importance of remote hearings in asset recovery during the pandemic.

National AML/CFT Structure

The Cayman Islands’ national AML/CFT structure is designed to prevent money laundering, terrorist financing, and other financial crimes. The FCIU works closely with local agencies, including the Financial Reporting Authority (FRA), Cayman Islands Monetary Authority (CIMA), and Department of Commerce and Investment (DCI) to implement effective controls and regulations.