Financial Crime World

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Financial Crime Investigation Unit Takes Centre Stage in Cayman Islands’ Efforts to Combat Money Laundering

The Cayman Islands has established the Financial Crime Investigation Unit (FCIU), a specialist unit dedicated to investigating criminal offences related to money laundering, terrorism financing and fraud. The FCIU’s efforts have been yielding positive results, with a significant increase in investigations and seizures over the past two years.

Major Cases and Investigations

During 2016 and 2017, the FCIU investigated 93 financial crime investigations and dealt with 13 cash seizures, detaining a total of CI$160,000 and US$25,400. In addition to these cases, the unit successfully restrained several assets, including:

  • Eight vehicles
  • One motor boat
  • Two houses
  • Cash deposits totaling CI$138,000

Recent Court Results

Recent court results have been noteworthy, with notable convictions in complex cases. These include:

  • A 14-year sentence imposed on an individual who fraudulently offered immigration advice and defrauded dozens of applicants.
  • An eight-year sentence for defrauding the University College of the Cayman Islands of CI$500,000.
  • A 12-year sentence for committing financial abuse against an elderly person.

Combating Online Scams

The FCIU has also been investigating fraud cases resulting from online scams. These scams have become more common in recent years, with internet-based commercial transactions and cybercrime on the rise. The unit’s efforts aim to prevent and disrupt these threats through increased prevention and disruption of financial crime.

The COVID-19 pandemic has led to unprecedented global challenges for law enforcement activity and economic disruption. The FCIU highlights increases in fraud and cybercrime due to COVID-19, with novel fraud, money laundering and terrorist financing threats and vulnerabilities arising from the crisis.

National AML/CFT Structure

The Cayman Islands’ National AML/CFT structure is designed to strengthen its stance against financial crime. The unit’s efforts aim to enhance control frameworks and increase public-private sector resilience to financial crime, further protecting the jurisdiction’s reputation in this regard.

Conclusion

In conclusion, the FCIU has been playing a crucial role in combating money laundering, terrorism financing and fraud in the Cayman Islands. With ongoing efforts to strengthen its stance against financial crime, the unit aims to create within the jurisdiction a collective and sophisticated response to financial crime driven by better informed law enforcement agency, regulators and industry professionals.