Financial Crime World

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Fraudulent Transactions Plague Cayman Islands’ Finance Sector

The Financial Crimes Investigation Unit (FCIU) has been working diligently to combat fraudulent transactions in the Cayman Islands, with a significant surge in cases reported during 2016 and 2017.

FCIU’s Successes

According to figures released by the FCIU, detectives investigated 93 financial crime investigations, seizing cash worth:

  • CI$160,000
  • US$25,400

The unit also restrained several assets, including:

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

In addition, the FCIU assisted the Office of the Director of Public Prosecutions in dealing with an international request to restrain a yacht valued at over US$100 million.

Court Results

FCIU detectives secured convictions for individuals who committed financial crimes, including:

  • Fraudulently offering immigration advice
  • Defrauding the University College of the Cayman Islands of CI$500,000
  • Financial abuse against an elderly person (12-year sentence)
  • Possession of 62 cloned bank cards (20-month sentence, compensation order, and deportation for a Bulgarian national)

Online Scams

The FCIU has also been tackling online scams, which have become increasingly common in recent years. These scams typically involve:

  • Phishing emails disguised as legitimate emails from banks or fake job advertisements
  • Obtaining funds by deception and personal information

In almost all cases, these scams originate from other jurisdictions.

Combating Money Laundering and Terrorist Financing

To combat money laundering and terrorist financing, the FCIU has established a new Proactive Task Force for International Money Laundering and Terrorist Financing, which assists overseas law enforcement agencies with requests for information through:

  • Mutual legal assistance treaties
  • International letters of request

Collaboration with Local Agencies

The unit works closely with local agencies, including:

  • Financial Reporting Authority
  • Cayman Islands Monetary Authority
  • Department of Commerce and Investment

to protect the financial sector from fraudulent activities.