It has puzzled and angered me why not one person or persons who have been involved in the illegal activities of money laundering and tax evasion by the banks have never been prosecuted? In fact there has never been an investigation of such individuals.

If you are outside this banking wall of protection it is a very different story.

If you are a bank teller and pocket $100 of a client’s savings it is also a very different story.

We learnt that Cayman National Trust Co. Ltd. and Cayman National Securities Ltd. pleaded guilty to conspiring with American taxpayers to hide US$137 million in assets, managed by those companies, from the U.S. Internal Revenue Service.

The companies agreed to forfeit US$6 million as part of the deal. They also agreed to hand over account information on the alleged tax evaders whose accounts they managed.

Local lawyer Peter Polack asked the RCIPS last Monday (14) if the ACU or ACC has a pending local investigation in regard to the recent CNB conviction for money laundering?

The answer was swift:

“Thank you for your enquiry. I am able to confirm that at this time neither the ACU nor the ACC has any investigation either on-going or pending in relation to the issue you outline in your e-mail of today.”

The Cayman Islands Monetary Authority have not shown any indication of taking any action against CNB either except they had been assured the fines levied would have “no adverse impact on the solvency of Cayman National Bank.”

The Cayman Islands Bankers’ Association had “no comment” to make on the CNB matter.

Now we learn “The Bank of N.T. Butterfield & Son Ltd. has made provision for the payment of US$4.8 million, recorded during its financial year which ended Dec. 31, 2015, against the possibility that it could be required to make a settlement payment as the result of an ongoing U.S. federal investigation into tax evasion.” See Cayman Compass article at: https://www.caymancompass.com/2016/03/15/butterfield-bank-discloses-possible-us4-8m-payment/

I am positive again no action will be taken against any individuals at this bank who are responsible for their fraudulent actions.

WHY?

PS: See also our Front Page story today “US chasing $130m in undeclared offshore accounts in Cayman Islands”