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DCI training to combat money laundering

Jewelry dealing and real estate are both industries that handle a lot of cash and like the financial industry, they are equally exposed to money laundering or terrorist funding. Today (12 October) the Department of Commerce and Investment held a workshop with industry members on the issue, Cayman 27’s Philipp Richter has more.

“It is your responsibility, that businesses respond to get to know who that person is and if it’s suspicious and report that to the regulators,” said Minister for Commerce & Investment, Hon. Joey Hew.

This as he reminded those in real-estate and in jewelry to pay extra caution to customers as he addressed a special DCI workshop on Thursday.

“The workshop is not just timely but very important,” said Chairman of the Anti-Money Laundering Steering Group & Attorney General, Samuel Bulgin.

Mr. Bulgin said it is important that attendees get exposed to regulations in their industry especially with Cayman’s risk assessment on the horizon.

“We got a glowing report, but there is a perception that it should be otherwise, we should have problems with money laundering and stuff, the standards have been revised so to speak to ensure that all those sorts of concerns are captured,” said Mr. Bulgin.

The Caribbean Financial Action Task Force will be on island at the end of the year to conduct their fourth evaluation to determine if Cayman is complaint with combatting money laundering and terrorism financing.

“We as a financial industry and financial service find very important to maintain our standard internationally as a very compliant country,” said Minister Hew.

Those in the industry say they have been keeping a close eye on transactions coming their way.

“It has always been a factor to me, I’ve always considered any type of risk with the business and also helping my country and the people as well,” said Real Estate Agent, Judith Powery Dodds.

Ms. Powery Dodds and those in the field say although they are aware of suspicious activity, the workshop served as a good opportunity to sharpen their skills.

The Cayman Islands will be assessed on the 14 and 15 December.

About the author

Philipp Richter

Philipp Richter

Philipp Richter was born in Austria and moved to the Cayman Islands at the age of three. Throughout his life, he has always enjoyed documenting his surroundings with cameras. Studying television broadcasting and communications, he now can show the reality of life in Grand Cayman to the public.

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