Beautiful Virgin Islands

Monday, Oct 06, 2025

US$200 Million Frozen in AML Investigations

US$200 Million Frozen in AML Investigations

The Cayman Islands Bureau of Financial Investigations (CIBFI) has secured court orders freezing US$200 million, in a significant contribution to combatting money laundering and related offences.
Chief Inspector, Richard Barrow of the Bureau explains the funds are “part of several ongoing international investigations and have been frozen by the jurisdiction as part of the investigative process. At present, the Bureau is involved in several active investigations, a small number of which relate to the potential financing of terrorism.”

CIBFI was established in March 2020, building on the work of an interim task force set up in April 2019. It is a separate entity from the Financial Crime Investigation Unit, which deals primarily with domestic financial crime matters.

The Bureau utilises advanced law enforcement techniques in the investigation of complex, cross-border financial crimes, while conducing proactive analysis of intelligence alongside financial transactions.

It also provides outreach to private sector stakeholders, alongside the Financial Reporting Authority (FRA), on topics that include typologies and the findings from the jurisdiction’s National Risk Assessment. This is essential to ensure active collaboration between industry and law enforcement in the tackling of sophisticated organised crime. The Bureau’s work also forms a vital prong in the Cayman Islands’ strategy to meet and exceed international anti-money laundering standards.

The team consists of specialists with experience in the Cayman Islands, the UK, Jamaica, Trinidad and Tobago and Sweden following a strategic international recruitment campaign to ensure experienced and accredited financial investigators, police and civilian professionals and financial analysts. It is presently made up of eleven experts, including a specialist investigator in cryptocurrency transactions, but personnel numbers are expected to grow during 2021, as the Bureau develops and undertakes increasingly complex and sophisticated investigations.

The newly appointed Head of the Bureau, Victoria Templeman, is committed to developing the unit into a global centre for excellence, working in partnership with stakeholders nationally and internationally.

“The Cayman Islands Bureau of Financial Investigations is a vital partner to agencies and entities such as INTERPOL and EUROPOL. Investigation, collaboration and intelligence sharing with our counterparts across the globe position the Bureau as an essential part of international crime-fighting efforts when it comes to money laundering and related offences,” Mrs. Templeman explains.

She adds: “The Bureau offers a diverse range of expertise, particularly with regards the quickly evolving area of cybercrime. It has also successfully harnessed home-grown talent, who offer a comprehensive knowledge of the vast and multifaceted financial services industry enjoyed by the Cayman Islands,”

The National Coordinator for the Anti-Money Laundering Steering Group (AMLSG), Elisabeth Lees, adds: “Although it is still in its infancy, the Bureau, along with the Office of the Director of Public Prosecutions, has already secured restraint orders, which are proven tools to prevent the dissipation of assets by money launderers. The team is essential for the Cayman Islands as we seek to ensure that we are investigating and prosecuting criminal cases in line with our risk profile and international standards.”

The Cayman Islands has been tasked with implementing the Recommended Actions (RAs) arising from an assessment of the jurisdiction by the Caribbean Financial Action Task Force (CFATF),the regional body of the FATF (Financial Action Task Force)that promotes the implementation international standards to counter money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.

The FATF is the global standard setter for combatting money laundering, counter-terrorist financing and proliferation financing.

Implementation of these RAs is essential to support national compliance and, as a result, protect the Cayman Islands from being placed upon the “grey list” by the FATF.

The final outcome of the Observation Period, which started in February 2019 and concluded on 23 October 2020, is expected to be announced by the FATF in February 2021.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
×