Proceeds of crime law put to the test

(CNS): A number of local experts have reveled that the Proceeds of Crime Law 2008 has proved up to the job during its first year in action. The increase in suspicious activity reports (SARs) has climbed to 358 cases from 320 the year before, according to the recently released Financial Reporting Authority’s 2009/2010 annual report. While this seems a very small figure for a jurisdiction dubbed the fifth biggest financial centre in the world, Martin Livingstone, Partner with Maples and Calder and President of the Cayman Islands Compliance Association, said the numbers reflect the type of business carried out here.

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