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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
The Caribbean Financial Action Task Force (CFATF) is an organization of states and territories of the Caribbean Basin that have agreed to implement common counter-measures against money laundering. CFATF has associate status within the Financial Action Task Force on Money Laundering (FATF). [1] [2]
Secondary regulation is provided by the Money Laundering Regulations 2003, [85] which were replaced by the Money Laundering Regulations 2007. [86] They are directly based on the EU Directives 91/308/EEC, 2001/97/EC and (through the 2007 regulations) 2005/60/EC. The regulations list a number of supervisory authorities who have a role in ...
Further, the officers of the corporation may be required to establish residence, own real estate, or meet an investment minimum (depending upon the country this may range up to $1 million). [2] An advantage which accrues from establishing a corporate structure is that although a citizen may be proscribed from establishing an offshore account ...
NEW YORK (Reuters) - A long-awaited U.S. rule aimed at curbing money laundering in real estate has reached a key White House office for review, the final hurdle for it to clear before it can be ...
Criminals have for decades anonymously hidden ill-gotten gains in real estate, Treasury Secretary Janet Yellen said in March, adding that as much as $2.3 billion was laundered through U.S. real ...
A letter by the District Attorney of New York, Robert M. Morgenthau, published by The New York Times, states that the Cayman Islands has US$1.9 trillion on deposit in 281 banks, including 40 of the world's top 50 banks, [6] although official statistics published by the Cayman Islands Monetary Authority suggest the amounts held on deposit are ...