Cayman Island Banking
International Narcotics Control Strategy Reports
U.S. DEPARTMENT OF STATE INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTMARCH 1995BUREAU FOR INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRS FINANCIAL CRIMES AND MONEY LAUNDERING11995 INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTOVERVIEWThere were a number of significant accomplishments in the world of money laundering in 1994, and a number of new and/or intensified concerns. Accomplishments and concerns are summarized here and explained in detailed sections below.Accomplishments. Several financial center governments, such as Singapore and Panama, have adopted broad, new anti-money laundering policies and/or laws, and a number of governments were in the final stages of presenting/adopting new legislation.The Financial Action Task Force completed the evaluations of each of its 26 member governments, all conducted by outside experts and all culminating in recommendations for changes and improvements which will be monitored through continuing examinations be ... [Read More]
International Narcotics Control Strategy Reports
US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSINTERNATIONAL NARCOTICS CONTROL STRAGEGY REPORTAPRIL 1994FINANCIAL CRIMES AND MONEY LAUNDERING1994 INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTINTERNATIONAL MONEY LAUNDERINGOVERVIEWIntelligence findings from North and South America, Eastern and Western Europe, South and East Asia, Africa and the Middle East confirm that another significant shift has occurred in money laundering trends and methods, requiring changes in policy and strategy for 1994.The critical aspects are the volume of non-drug related money laundering; increased investment of illegal proceeds in legitimate business, including the financial industry; and the targeting of financial systems in countries/territories (some with little or no domestic involvement in drug trading or other serious proceeds-generating crimes) to launder drug and other proceeds generated by crimes committed in other jurisdictions.In 1988, when the United Nations Convention was ... [Read More]
Money Laundering and Financial Crimes
There are several types of offshore banking licenses available in the Caymans. The most popular type of arrangement is a private bank holding a restricted "B" license. These banks can receive or request funds only when doing business with people named on a list accompanying the application. A private bank has the power to issue letters of credit and bank guarantees and to carry on business free of taxation and currency restrictions. This permits U.S. investors to trade in Eurodollar markets freely without having to provide an accounting to the U.S. Government. A restricted "B" license is granted only to a bank or trust with a net worth of at least $34,000, or more if required by the Governor. A much higher net worth ($480,000) is required for an unrestricted "B" license, which allows the holder to conduct business freely with any client outside the Cayman Islands. Applications for this type of license are normally accepted only from a branch, subsidiary or affiliate of a major internat ... [Read More]
International Narcotics Control Strategy Reports
FINANCIAL CRIMES AND MONEY LAUNDERINGMONEY LAUNDERINGOVERVIEWIn 1992, the major trends affecting money laundering policy were: (1) further sophistication of money laundering practices; (2) greater investment of drug and other illicit proceeds into established businesses, both to conceal money movements and to capitalize on illicit profits; (3) the internationalization of money laundering networks whose operations involve an ever larger number of countries and territories, regardless of their importance as financial centers or as drug producing or transit countries; and (4) the intensified involvement of the Sicilian Mafia and other criminal organizations in Europe, Asia and the Western Hemisphere who comingle proceeds from many crimes to confound investigators, and are now acting as brokers for funds unrelated to their own trafficking activities. These trends have made it more difficult to differentiate between drug-related money laundering and other forms of illegal money m ... [Read More]
Money Laundering and Financial Crimes
(1) Patterns of Global Terrorism—1999, United States Department of State Publication 10687, April 2000.A wide-ranging joint FBI and Department of Treasury investigation into interstate cigarette smuggling, involving a suspected Hizballah terrorist cell operating in Charlotte, North Carolina, led to the July 21, 2000 arrest by U.S. authorities of 18 individuals. Ten days later a federal grand jury in North Carolina indicted these individuals, including seven suspected Hizballah supporters, for immigration fraud and related bribery and conspiracies; conspiring to smuggle contraband cigarettes; and conspiring to launder money. Many of the defendants continue to be detained prior to trial, while the investigation continues. At least seven of the defendants are suspected members of, or sympathetic to Hizballah, a foreign terrorist organization designated as such under U.S. law in 1997 and again in 1 ... [Read More]
M) Money Laundering and Financial Crimes
Cayman Islands. The Cayman Islands, a United Kingdom (UK) Caribbean Overseas Territory, has made significant strides in its counter-money laundering program, though it is still vulnerable to money laundering due to its significant offshore sector. With a population of 40,000, the Cayman Islands is home to a well-developed offshore financial center that provides a wide range of services such as private banking, brokerage services, mutual funds, various types of trusts, as well as company formation and company management. Cayman Islands authorities report that approximately 580 banks and trust companies, 3,178 mutual funds, and 517 captive insurance companies are licensed in the Cayman Islands. In addition, approximately 45,000 offshore companies are registered in the Cayman Islands, including many formed by the Enron Corporation. ... [Read More]
International Narcotics Control Strategy Reports
U.S. DEPARTMENT OF STATE INTERNATIONAL NARCOTICS CONTROL STRATEGY REPORTMARCH 1995BUREAU FOR INTERNATIONAL NARCOTICS AND LAW ENFORCEMENT AFFAIRSTHE CARIBBEAN 157Bahamas 159 Cuba 165 Dominican Republic 168 Guyana 173 Haiti 176 Jamaica 180 Netherlands Antilles and Aruba 185 Suriname 187 Trinidad and Tobago 189 Eastern Caribbean 192 Antigua and Barbuda Barbados Dominica Grenada St. Kitts and Nevis St. Lucia St. Vincent and the GrenadinesFrench Caribbean 199 UK Dependent Territories in the Caribbean 200 Anguilla, Montserrat, British Virgin Islands Cayman Islands Turks and ... [Read More]
International Narcotics Control Strategy Reports
US DEPARTMENT OF STATEBUREAU OF INTERNATIONAL NARCOTICS MATTERSINTERNATIONAL NARCOTICS CONTROL STRAGEGY REPORTAPRIL 1994THE CARIBBEAN 173 Bahamas 175 Cuba 181 Dominican Republic 184 Guyana 189 Haiti 191 Jamaica 195 Netherlands Antilles and Aruba 200 Suriname 203 Trinidad and Tobago 206 Eastern Caribbean 209 Antigua and Barbuda 210 Barbados 210 Dominica 211 Grenada 211 St. Kitts and Nevis 212 St. Lucia 213 St. Vincent and the Grenadines ... [Read More]
US Department Of State Post Report
Jamaica is the third-largest Caribbean island and lies nearly 600 miles south of Miami, Florida. Slightly smaller than Connecticut, the island is 146 miles long and 51 miles across at its widest point. Except for narrow coastal plains mainly on the island's south side, the landscape is one of sharp, crested ridges, unique "cockpit" formations, and deep, twisting valleys. Almost half the island is more than 1,000 feet above sea level. Some 50% of the island is used for agriculture, 40% is woodland, and the remaining 10% is divided between mining and urban areas. ... [Read More]
Country Reports: G-M
Gabon Gabon is not a regional financial center. The Bank of Central African States (BEAC) supervises Gabon’s banking system. BEAC is a regional Central Bank that serves six countries of Central Africa. According to a 2003 letter from the Government of Gabon (GOG) to the UN Counter Terrorism Committee, in matters concerning suspicious financial transactions, banks are bound by the instructions of the Ministry of Economic and Financial Affairs. The actual monitoring of financial transactions is conducted by the Economic Intervention Service that harmonizes the regulation of currency exchanges in the member States of the Central African Economic and Monetary Community (CEMAC). On November 20, 2002, the BEAC Board of Directors approved draft anti-money laundering a ... [Read More]
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