Cayman Offshore Bank Accounts

Cayman Islands rejects ‘dirty money’ claim

The Cayman Islands has responded angrily to Jersey’s suggestion that business emanating from the jurisdiction could be tainted with dirty money.

Cayman Offshore Bank Accounts & The Jersey Financial Services Commission

The Jersey Financial Services Commission had advised that Jersey’s banks and financial businesses can no longer assume that business introduced from the Cayman Islands has been subject to due diligence and ‘know your customer’ procedures that are equivalent to those in Jersey, and thus Jersey institutions should check for themselves that any business is legitimate before accepting it. A similar warning was issued against Malta.

The warning stems from the Cayman Islands’ inclusion on the Financial Action Task Force list of countries not complying with international efforts to stamp out money laundering, but Jennifer Dilbert, the Caymans’ UK government representative, was adamant that since the publication of the FATF list, the jurisdiction had introduced new regulations.

Cayman Offshore Bank Accounts - Dilbert

Dilbert said: “Cayman is not prepared to comment on actions by any particular jurisdictions in the same way that it would not seek to discredit another jurisdiction with respect to any of the financial initiatives facing banking centres round the world.

We consider ourselves a mature, well-regulated and important financial jurisdiction. Our approach has been, and will continue to be, to cooperate with other countries and strive to correct shortcomings in our financial industry.”