Cayman news: corruption accounts for more suspicious activity reports; company registrations “robust”

Compass Cayman reports that “Suspected corrupt activities were among the top five reasons banks, companies or individuals made suspicious activity reports to the Cayman Islands Financial Reporting Authority last year.”

“The authority forwards all such reports to the appropriate enforcement agency when that is required. Not every report it receives is necessarily a bona fide instance of corrupt practices.

However, the authority noted that, both at home and abroad, anti-corruption measures related to banking and investment transactions were exerting some effect on the reports the agency received in the government’s 2012/13 budget year.” Hat tip: @robertnpalmer.

In other Cayman news Company Registrations in 2013 were “robust” with the highest numbers since the financial crisis.

“Through November, 8,770 new companies were registered, a 6.2 percent jump over the same period last year. Registrations are set to exceed last year’s total of 8,971 and reach the highest number of new formations since 2008 (11,861). Annual company registrations peaked in 2007 at 14,240. The total number of active companies is likely to exceed the previous high of 93,693 in 2008.” (See also previous blogpost).

also via Compass Cayman.



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