Financial Crime World

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How to Spot a Money Laundering Scheme in the Cayman Islands: A Guide for Everyone

Be Vigilant and Report Suspicious Activity to Help Protect Our Financial System from Criminals

The Cayman Islands has long been committed to maintaining a robust anti-money laundering (AML) framework that aligns with international standards. But as the global financial landscape continues to evolve, it’s essential for everyone in our community to be aware of the signs of money laundering and report suspicious activity.

What is Money Laundering?

Money laundering is the processing of criminal proceeds to disguise their illicit origin. It’s a complex process that involves concealing the source of funds obtained through crimes such as bribery, corruption, or terrorism financing. In the Cayman Islands, we’re committed to preventing money laundering and terrorist financing (ML/TF) through our AML/CFT framework.

Why is Everyone’s Business?

Fighting financial crime affects everyone in our community. Whether you’re a business owner, non-profit organization, or simply a resident of the Cayman Islands, your actions can help prevent ML/TF. That’s why we need to be vigilant and report suspicious activity to protect our financial system.

Signs of Money Laundering

Consider these potential signs:

  • A person buying property without revealing their identity
  • A business with few customers somehow managing to stay open
  • An investor using multiple birthdates or names
  • A stranger offering to pay you $100 if you cash a $1,000 cheque for them
  • Someone living overseas offering to buy your vehicle on behalf of an unnamed person

Report Suspicious Activity

If you suspect any of these activities are taking place, report it to the Royal Cayman Islands Police Service’s Financial Crimes Unit. You can contact them at:

RCIPS.FCU@rcips.ky
+1 345 949-8797

Our Commitment to AML/CFT Effectiveness

The Cayman Islands has consistently demonstrated its commitment to implementing effective AML/CFT measures. Our robust framework ensures that our financial system remains resilient against ML/TF risks.

By working together, we can protect our community and maintain the integrity of our financial system. Report suspicious activity today and help us keep the Cayman Islands safe from money laundering and terrorist financing schemes.