Cayman Firms Provide Data to Combat Money Laundering: Experts at Washington Forum Discuss Crime Prevention
Albert, Andrew, American Banker
WASHINGTON -- U.S. authorities are finally making clear strides in removing the shield of foreign bank secrecy that so often frustrates their attempts to nab international drug smugglers and money launderers.
The most recent progress came this week, when the Justice Department announced it is employing for the first time a month-old international agreement to obtain records from banks and corporations in the Cayman Islands.
Agency officials say they're seeking the financial data for seven separate narcotics investigations now in progress. The officials would offer no specifics about those probes.
The Caymans, a British independent protectorate in the Caribbean with strict laws guarding the confidentiality of corporate records, has long been considered a haven fro criminals seeking to conceal illegal proceeds from U.S. investigators. But federal narcotics agents are hoping for much greater access to the records of …
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Publication information: Article title: Cayman Firms Provide Data to Combat Money Laundering: Experts at Washington Forum Discuss Crime Prevention. Contributors: Albert, Andrew - Author. Magazine title: American Banker. Volume: 149. Publication date: September 28, 1984. Page number: 2+. © 2009 SourceMedia, Inc. COPYRIGHT 1984 Gale Group.
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