Important New Money Laundering Advice from CPS – Head for the Islands!

Following revelations in May from the US Department of Justice concerning the Cayman Islands link to the FIFA corruption scandal, questions have surrounded law enforcement on the islands.  I covered these in my blogs of 28th and 31st May 2015 and comments in the Financial Times and City AM

Last week saw the publication of a long awaited report by Claire Wetton of CPS on her review of criminal justice procedures in the Cayman Islands.   The Islands host the fifth largest banking sector in the world, so this is a matter of some consequence to the financial world.

Wetton’s report starts well  “The improvement in prosecutorial capacity generally but particularly that relating to serious financial crime, money laundering, asset recovery and drug trafficking is of benefit to the government of the CI and the UK.

Its readers may therefore have expected a recommendation for substantial new powers, perhaps a memorandum of understanding with the UK’s Serious Fraud Office, and additional financial support for the 300 strong Cayman Police Force.

But no.  The CPS recommendations consists of baby steps such as

  • Ensure the work of a police officer who leaves is handed over to someone else
  • Amend the traffic ticket process                     .  .   .  and best of all  .  .  .  .
  • Divert more offenders from the criminal justice system

So much for UK determination to eradicate financial crime from the international financial system,  proclaimed so often by George Osborne.

What can we conclude from this?  That this is the smack of firm government in the Cayman Islands, or is it maybe a bit of a joke?

The writing is on the wall for money launderers.  Head for the Cayman Islands!

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: