kyc news in the news
 

 

 

April 4, 2003

Like a hurricane

Intro:
 

Every few years the Cayman Islands receive a battering from the hurricanes that regularly cut a swathe of devastation through Central America, the Caribbean and the southern US. There's been little serious damage in recent years, although 18 months ago Hurricane Michelle passed not far west of the islands, producing a storm surge that caused damage along the shoreline of Grand Cayman's main tourist centre, Seven Mile Beach.

 

The hurricane that tore across Cayman, its political circles and its financial community from the courtroom of the territory's senior judge on January 14 may not have left any physical scars on its landscape and buildings, but its impact may prove more long-lasting than that of Michelle, especially regarding the islands' relationship with the UK, of which Cayman is a dependent territory.

After more than six months of increasingly bewildering proceedings, Chief Justice Anthony Smellie brought to a sensational end the trial on money-laundering charges of four former officers of Euro Bank Corporation, following the admission by Brian Gibbs, head of the islands' Financial Reporting Unit, that he had destroyed evidence on the instruction of a UK agency widely presumed to be MI6.

 
Excerpt:

According to the Miami-based investigative newsletter Offshore Alert, which is widely read in Cayman, Gibbs carried out wire-tapping for years on individuals with the knowledge of successive Cayman governors and attorneys-general, but kept secret from elected members of the government.

Offshore Alert reported that certificates authorising the monitoring and recording of telephone conversations were issued by British- appointed governors at Gibbs' request, and in the late 1990s the monopoly local telecommunications provider, Cable & Wireless, requested and obtained a commitment from the governor that it would not face legal liability as a result. The UK government and Cable & Wireless have declined to comment on the reports. The newsletter also questions whether Gibbs' relationship with the UK agency involved passing on information about British residents suspected of tax offences.

 
 
 

For complete story refer to original source by clicking on logo

 

home offshore News bermuda news subscribe site map

KYC News Inc.