News about the Cayman Islands in the Foreign Press

Thursday, April 29, 2004

Money sent to Cayman to elude government

ST LUCIE COUNTY, USA – According to the Fort Pierce Tribune, a Vero Beach man and six others have been charged by federal authorities with defrauding thousands of investors out of more than $200 million, part of which was sent to accounts in the Cayman Islands to elude the government.

Cayman bank fine justifies compliance software

LONDON, England – In launching its new dynamic automated Anti-Money Laundering (AML) software solution for financial institutions, Zarion cites as a reason to take compliance seriously the $67.5 million fine levied on the Bank of Bermuda in the Cayman Islands for its failure to prevent money laundering.

Cayman contributes to Butterfield’s bottom line

HAMILTON, Bermuda – According to the Royal Gazette, the Bank of Butterfield reports that net income has soared by 59.1 percent to $26.1 million for the first quarter of 2004, including net income of $7.0 million from the Cayman Islands, up 15.7 percent compared to a year ago.

Another Cayman-registered yacht burns in Florida

FORT LAUDERDALE, USA – The Sun-Sentinel reports that the 157ft Newfoundland Explorer, which is registered in the Cayman Islands, is now sitting on the bottom of the Intracoastal Waterway after a fire started aboard on Sunday.

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