References to the Caymans

Main Story:
Money laundering and financial crimes

In Relevant Books:

The Secret Money Market: Inside the Dark World of Tax Evasion, Financial Fraud, Insider Trading, Money Laundering, and Capital Flight (1990): 6

The Laundrymen: Inside Money Laundering, the World’s Third Largest Business (1996): 5

Transnational Criminal Organizations, Cybercrime, and Money Laundering: A Handbook for Law Enforcement Officers, Auditors, and Financial Investigators (1999): 6

Crime School: Money Laundering: True Crime Meets the World of Business and Finance (2004): 3

Dirty Dealings: The Untold Truth About Global Money Laundering, International Crime, and Terrorism (2006): 3

Significant penalties and fines:

  •  UBS – $780 million
  • Credit Suisse – $536 million
  • Lloyds – $350 million
  • Wachovia – $110 million
  • ABN AMRO – $80 million
  • Riggs Bank – $41 million
  • The Bank of New York – $38 million
  • The Arab Bank – $24 million

Californian Congressman Brad Sherman (March 17, 2009):

“Now we’re focused on the bonuses being paid to the croupiers of this
AIG casino . . . Now all that money is in the hands of the executives.
No doubt they have got them in Cayman Island accounts as we speak.”

Minnesotan Congresswoman Amy Klobuchar (February 26, 2008):

“I want to see an administration that aims for fiscal responsibility by
eliminating offshore tax havens for multimillionaires so people aren’t
hiding money in the Cayman Islands.”

Jack Blum on the Cayman Islands, Senate Investigations Committee, July 24, 2008:

“I listened to the comments about Ugland House and must say to you that
Ugland House represents the best of offshore, because Cayman Islands
actually keeps better records than most of the other jurisdictions and
has fewer corporations. If you really want to worry about things
look at the British Virgin Islands with 500,000 corporations, no records
on any wall, you can’t go to a place and find an office because there
is none, and no regular records to find out who currently owns the
corporation. You can go to the Island of Nevis and you won’t even be
able to find an address for the corporation.

There are no Nevis
nominee shareholders, directors, officers, if you were to take those
people send them to Guantanamo and waterboard them you couldn’t find out
who owned the corporation or what the corporation was doing.”