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How to Prevent Financial Crimes in Cayman Islands

The Cayman Islands have been taking proactive steps to prevent financial crimes, including money laundering, terrorist financing, and fraud. The Financial Crime Investigation Unit (FCIU) is a specialist unit dedicated to investigating these types of crimes.

Investigations and Prosecutions

In recent years, the FCIU has made significant progress in investigating and prosecuting financial crimes. Some notable statistics include:

93 investigations: In 2016 and 2017, the FCIU investigated 93 financial crime investigations.
Cash seizures: The unit dealt with 13 cash seizures, detaining a total of CI$160,000 and US$25,400.
Asset restraint: The FCIU successfully restrained several assets, including eight vehicles, one motor boat, two houses, and cash deposits totaling CI$138,000.

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

14-year sentence: A man who fraudulently offered immigration advice and defrauded dozens of applicants was sentenced to 14 years.
8-year sentence: Another man who defrauded the University College of the Cayman Islands of CI$500,000 was sentenced to 8 years.
20-month sentence: A Bulgarian national found in possession of 62 cloned bank cards was sentenced to 20 months, ordered to pay compensation, and deported.

Online Scams

The FCIU also investigates cases related to online scams. These scams often use phishing emails disguised as legitimate emails from banks or fake job advertisements to obtain funds by deception and personal information. In most cases, these scams originate from other jurisdictions.

International Cooperation

Due to the international nature of these crimes, FCIU detectives often conduct overseas enquiries and rely heavily on international law enforcement networks and information-sharing. The unit has established a new Proactive Task Force for International Money Laundering and Terrorist Financing to assist overseas law enforcement agencies with requests for information.

Public-Private Partnership

The Cayman Islands have established a Public-Private Partnership, the Stakeholders Forum, which brings together industry professionals, law enforcement, and regulatory authorities to share intelligence and best practices in preventing financial crimes. The forum aims to create a collective response to financial crime driven by better-informed law enforcement agencies, regulators, and industry professionals.

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 the pandemic, while a report from ARIN CARIB notes that remote hearings in asset recovery matters have triumphed over COVID-19.

National AML/CFT Structure

The Cayman Islands has established a National Anti-Money Laundering and Combating Financial Terrorism (AML/CFT) structure, which includes the Financial Crime Investigation Unit (FCIU), the Office of the Director of Public Prosecutions (ODPP), and the Financial Services Commission. The structure aims to prevent financial crimes and protect the reputation of the Cayman Islands.

Conclusion

The Cayman Islands have taken proactive steps to prevent financial crimes, including establishing a specialist unit dedicated to investigating these types of crimes. Through public-private partnerships and international cooperation, the islands aim to create a collective response to financial crime driven by better-informed law enforcement agencies, regulators, and industry professionals.