UK frustrated by Cayman silence on Money Laundering

The National Crime Agency are frustrated by a lack of co-operation by the authorities in the Cayman Islands.

The law enforcement agency said that it was “asking for information we don’t get”. It says it has also significantly stepped up efforts to seize dirty Russian money coming into the United Kingdom. Also, the agency launched investigations into British-based lawyers and accountants suspected of facilitating money laundering.

The NCA leads the UK fight against money laundering and criminal money, which it estimates could be worth up to £ 1 billion a day.

A number of investigations have led it to Cayman-registered offshore companies, which is a British Overseas Territory in the Caribbean and one of the world’s largest financial centres.

Donald Toon, director of the National Crime Agency, revealed that the Cayman Islands authorities had not co-operated when he had asked for information on who owned these firms. “The Cayman government is entirely aware of the UK concerns,” he said.

In recent years, the spotlight has been on tax havens linked to the UK following a series of global investigations involving nearly 100 media organisations, including the BBC. The Paradise Papers exposed how wealthy and corrupt individuals used complex offshore structures to cover their tracks. There were concerns that criminals were finding new tax havens where they could exploit lax regulation and hide their links to corrupt assets.

 

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