Liquidator Conference addresses laws for securing assets

A group of receivers from the United States are here in Cayman this week working with local liquidators on the issues of securing foreign assets and investigating fraud.

National Association of Federal Equity Receivers President Greg Hays said the conference at the Westin is geared toward creating legislative framework to govern assets held in Cayman.

He said some Americans believe Cayman’s laws in guarding assets are not as effective which he said is not true.

“It’s a lot more sophisticated than a lot of people in the United States understand and to recover money and identify money from fraudulent scams you need to really work with the local professionals and understand the local laws and customs and how to identify and recover assets most people in the United States would think it’s in the wild west and there’s a lot of free unregulated funds down here,” Mr. Hays said.

Mr. Hays joined us in the second half-hour of Cayman 27 news to further discuss the issues of identifying fraud in Cayman.