Conflict between UK, Cayman over financial investigations

The National Crime Agency, the U.K.’s equivalent of the FBI, has claimed it is not getting the information it needs from the Cayman Islands in its anti-money laundering and criminal investigations.

In an article published by the BBC, Donald Toon, director of the NCA, said a number of investigations had led to companies registered in the Cayman Islands but local authorities did not cooperate when asked for information about the owners of these firms.

The Cayman Islands last year introduced a beneficial ownership registry that, under an agreement struck with the U.K. government two years ago, is supposed to respond to British law enforcement requests within 24 hours and in urgent cases within one hour. The Foreign and Commonwealth Office released a statement Saturday indicating that the Cayman Islands government had pulled out of this agreement, known as an “exchange of notes” in reaction to the U.K. parliament’s threat to impose publicly

... read more at: https://www.caymancompass.com/2018/09/16/conflict-between-uk-cayman-over-financial-investigations/

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