Cayman Islands: Anti-Money Laundering: It’s no longer if, but when you’ll be inspected
Article by Bob Stanier (PwC) and Cora Schwendtke (PwC) Cayman Finance Source: Mondaq In December 2017, the Cayman Islands Government, with support from industry groups recently underwent a review of its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulatory regime…
Cayman Islands insists money laundering reporting cannot be delegated to third party
From STEP Cayman Islands investment funds must, from 1 June, appoint natural persons as their anti-money laundering (AML) reporting officers, rather than delegating their AML functions to corporate bodies. New AML regulations came into force on 2 October 2017, making…
Address of Alasdair Robertson on the occasion of the Opening of the Cayman Islands Grand Court on 17 January 2018 given on behalf of the Cayman Islands Law Society
My Lord Chief Justice, Hon. Judges of the Grand Court, Hon. Chief Magistrate, Hon. Magistrates, Mr Attorney, Madam DPP, my colleagues at the Bar, our Special and Distinguished Guests, Ladies & Gentlemen If it may please my Lord I am…
Bitt reveals big plans for cross-Caribbean blockchain settlement network
By Pete Rizzo From CoinDesk For Barbados-based blockchain startup Bitt, creating a Caribbean-wide settlement network is a challenge that will be fraught with legal, technical and social challenges. However, thanks to a new partnership with Netki, one hurdle may have…
Money Laundering in Central America
By Q24N From Q Costa Rica Q24N – The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries. Excerpted from the report “International Narcotics Control Strategy Report, Volume II, Money…
Western Union admits anti-money laundering and consumer fraud violations
From US Department of Justice Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission Company also Agrees to Implement Anti-Fraud Program and Enhanced Compliance Obligations in Agreements with…
Panamanian organised crime prosecutor obtains extension in Panama Papers law firm investigation
By Kenneth Rijock From Caribbean News Now PANAMA CITY, Panama — Javier Caraballo, the lead organised crime prosecutor investigating Panama Papers law firm, Mossack Fonseca, since April 2016, has obtained an extension of time in which to continue his ongoing…
Politicians and the Panama Papers
By José Niño From Cayman Financial Review The recent Panama Papers leak has brought tax havens to the forefront of public policy discussions. Naturally, many individuals and supranational entities have advocated for more stringent regulations on tax havens and tougher…
Hong Kong urges greater AML and KYC effort after Panama leak
By Monira Matin From International Adviser Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money. The…
Motion to dismiss FinCEN complaint against former MoneyGram CCO denied
By David E Teitelbaum, Joel D Feinberg, Stephen Wallant Contributed by Sidley Austin LLP From International Law Office Introduction On January 8 the District Court for the District of Minnesota denied the motion of defendant Thomas E Haider to dismiss…
